Australian Debt Collection Agency Announces Big Write-Offs

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00039533-australian-debt-collection-agency-announc/

Debt recovery group Collection House yesterday evening revealed it was writing off $19 million from assets and profit had dropped by more than half.

Shares in the Brisbane-based company, employing more than 630 people, have been released from suspension.

They were suspended on February 7 as Collection House tried to flesh out the result that became a half-year net profit of $3 million, down from the $7.3 million achieved 12 months earlier.

The figures hit the market almost two hours after the bell, a strategy sometimes used to avoid the glare of negative publicity.

For this complete story, please visit Debt recovery group plunges.

Australian Debt Collection Agency Announces Big Write-Offs

Unknown Author

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