South Canterbury reports NZ$58 mln provision for bad debts; first loss since 1934
South Canterbury Finance said it now expected to report a NZ$37 million net loss for the just completed year to June 30 after a weak property market forced it to take a NZ$58 million provision for bad debts and non-performing investments. This was South Canterbury Finance’s first loss since its foundation in 1934. South Canterbury Finance said its principal owner, Allan Hubbard, had injected NZ$40 million of new capital into the business and would provide further support in case there were fur
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Tags: Business, Debt, Finance