30 Jul 2009

Property Finance Group loses $20m

6:11 am on 30 July 2009

Property Finance Group has tripled its losses, losing $19.8 million in the year to March.

That compares with a loss of $6.5 million the previous year.

The company is the parent of Property Finance Secutities, whose shareholders recently agreed to a new moratorium to wind down in which they forgave interest to the end of June.

Property Finance says the income of just over $12 million arising from the forgiven interest will be accounted for in the current financial year.