IRG posts net loss, breaches banking convenants
NBR staff | Monday September 13, 2010 - 06:06pm
Investment Research Group (IRG) has breached its banking covenants, today reporting an unaudited estimated net loss of before tax from operations of approximately $890,000.
This compares to the previously advised figure of a $175,000 profit and leaves Brent King, the company’s largest shareholder, continuing to “provide support in the form of advances to the company totalling $440,776.”
The company said the result reduction arose from a writedown of the carrying value of various databases and goodwill in accordance with IFRS and other year-end adjustments.