The company posted a $7 million full year loss, an improvement on its $7.9 million loss last year. Operating expenses fell 25% to $20.1 million, outstripping the 14% decline in revenue to $38.8 million.  

The company's profit in the second-half of the financial year was "a function of the benefits of the improved business model and the acquisitions of both Stellar Collections and Quest Insurance Group," the company said in a statement.

"Further reductions in head count have been achieved and the business has now lowered overhead costs by approximately $12.7 million per annum."  

Geneva divided its loan book in two as part of its reconstruction, with the new ledger comprising people with better credit records, and the other made up of lower quality loans.

It breached its bank covenants in September, and subsequently reached an agreement with BOS International over its $35 million facility. Shares in the company last traded at 8 NZ cents on June 8.

Geneva didn't pay out a dividend. Since capital reconstruction was approved in May 2008, the company said it met all its obligations, including the repayment of $48 million principal to stockholders with interest at the end of each month.  

The finance company downgraded its forecasts as a result of the global economic slump, which it said was more severe than expected. The company now predicts a tax-paid profit of $1.5 million in the year to March 31 next year, down from $3.2 million, and a fall to $2.6 million from $3.4 million in 2011.