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Property Finance Group makes small loss, maintains it is on course to repay loans

Thursday 3rd December 2009

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Property Finance Group posted a small loss for the first half of its financial year, while maintaining it is on course to stabilise its business activities. 

The company had a loss of $73,000 in the six months ended Sept. 30. Its total assets now stand at $40.3 million. 

PFG is a listed Christchurch-based first mortgage lender whose principle subsidiary is Property Finance Securities Ltd.  PFG now in a director-governed moratorium that allows limited trading while PFSL realises its assets over time, and uses the proceeds from assets to repay its secured debenture holders. 

The company continues to operate with minimal overheads. Its primary activities are the management of the PFSL moratorium and its Rated Mortgage Bond programme.

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