Hellaby Holdings has cut debt by a third to $51 million.
The investment company has been focusing on reducing debt as its operations struggle in the economic downturn. Last year Hellaby stated it wanted to get debt down to $70 million by the end of June.
It's done even better than that, with debt decreasing by 36% to $51 million in the six months to June.
Chief executive John Williamson says this was managed by cutting stock and ensuring it gets paid on time.
Hellaby's also renegotiated its banking facilities with its main bank, Westpac for the next two years.