MARINER Financial has reported a net less after tax of $65.25 million – a big fall of 474% when compared to the previous year.
Mariner’s result was plagued by $71.3 million in writedowns including a $37.2 million loss from the sale of Keybridge Capital, $2.9 million from the sale of the Mariner Pipeline Trust and $31.2 million in other assets
Mariner has warned that its future is bleak.
“The company is a going concern and accordingly intends to conduct an orderly process of assets sales to convert investments to cash,”
Mariner has six operating divisions that will be offered for sale.
The company wants to sell its property development group, Mariner Land Limited; Mariner Mortgage Management Limited, the manager of the mortgage trust; EcoPoint Management Limited, the operator of the Mariner Coastal Investment Trust; Mariner Treasury Limited, the owner of German and Japan property portfolio; Mariner Credit Corporation; and the management rights to the listed Mariner American Property Trust and all property syndications.
Australian Property Journal
