SCF loss less than first announced

It says the group's audited net loss after tax for the financial year is $50.4 million, compared to the earlier announcement of a preliminary unaudited loss of $69 million.

"The reduction in the reported loss is mostly due to non-monetary fair value adjustments made under NZ International Financial Reporting Standards," the company says.

Loan losses and provisions against impaired loans are at a similar level to those included in  August's preliminary announcement.

The results mean that South Canterbury is in breach of covenants made with its US$100 million private placement.