15 Dec 2009

Lower loss by Geneva Finance

12:28 pm on 15 December 2009

Geneva Finance has again pared its losses. The company made a loss of $2.6 million in the six months to September, an improvement on the $7.7 million loss it posted in the same period last year.

Revenue was down 37% to $9.3 million.

The company describes the result as disappointing, but directly attributable to a non-cash write-off of $3.2 million.

Geneva says it's reduced its head count and lowered annual overhead costs, which has resulted in a saving of $7.3 million per year.

The company says the current economic climate is difficult, but it has a good equity base and a viable low cost operating structure to see it through the challenges.