Deakin reports massive loss
Deakin Financial Services has reported a total net loss of more than eight million dollars in the group’s six monthly results, as posted on the Australian Stock Exchange (ASX) on 16 March 2001.
According to Deakin chairman John McConnell's report, the half year loss of $8,808,000 reflects the groups business restructure from a securities trader to an integrated financial services provider, and the difficulties associated with the change.
Since November the Deakin board has added three new directors along with other changes to the group's management team. More recently, former Tyndall Australia managing director Rob Hunwick has joined the Deakin board and Derek Russell is the new company secretary, while Stephen Gillion has tendered his resignation from the board.
As part of the restructure Deakin has disposed most of its investment portfolio as at 31 December 2000, and plans to close two non-core businesses, Deakin Stockbroking and Ozzie Shopper.
Commenting on the loss McConnell said in the report that the result, while disappointing, reflects the board's decision to take a conservative view of the assets and the writedowns should provide a sustainable platform for the group's future.
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