The Group’s outturn for 2014 carries a substantial burden of non-recurring costs as well as costs pegged at unusually high levels as a result of the “clean-up” activities undertaken to strengthen future profit prospects.
The combined effect of staff disengagement expenses ($12.8 million), discontinued operations ($1.2 million) and allowances for loan impairment ($7.7 million) resulted in the Group posting a net loss of $9.8 million for the year. This compares against a restated loss for the prior year of $0.3 million.
Outside of the above stated expenses, the Group’s outturn would have been a profit of $2.0 million barring the increase in loan impairment provisions.
FY 2014 financial results