Strategic posts $15.7m loss

Strategic Finance has reported a $15.7 million loss for the year to June 30, in line with guidance. The loss compared to a profit of $29.4 million a year ago.

The audit report was unqualified.

The company has suspended redemptions, affecting 15,000 investors with $325 million of funds.

Net operating income increased by 20 per cent from $60.6 million in 2007 to $72.4 million in 2008. But bad debt write-offs and credit impairments eroded this to produce the loss.

The company had assets of $533 million, down 23 per cent on last year, and liabilities of $459 million.