OFG has reported a net loss of $2.7 million for the year.
The company said the loss was due principally to fair value write-downs of investment property, commercial mortgages and investment in an Associate, contested AGM expenses and write off on the sale of the assets of the financial planning business unit, which totalled $10 million.
OFG also expected to write off a further $1.2 million after tax of up-front commissions relating to the Reverse Mortgage division, which was being amortised over 10 years. But after further investigation, it was determined that the accounting standards does not allow this. These commissions will continue to be amortised over 10 years as per previous years’ accounts.
Revenue decreased from $119.57 million to $106.80 million.
The trust announced a final dividend for 3 cents bringing the full year dividend to 8 cents.
Australian Property Journal
