Savoy loses $79M

The company has recorded a $79 million loss for the 2000 year, including writing off $70 million from the Auckland Britomart project.

The accounts show net assets at the end of December of $519,000.

In finalising the financial statements for the year the directors have noted that the company's future viability is dependent on ongoing and future shareholder support.

"Accordingly, the directors have taken a view that the measurement base for valuation of assets be on the basis of expected net realisable value, not on a going concern basis as per the Preliminary Report. This will be reviewed as initiatives are further developed."

Savoy has recommenced trading on the NZSE after being in a trading halt since May, when it was threatened with being delisted.

The company's annual general meeting will be held in Auckland on August 31.

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