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August 28, 2009updated 12 Apr 2017 4:33pm

Banca Italease posts ?160 million net loss in H1 09

The Italian lessor blamed the loss on the the development of the economic recession, the scarcity and high cost of financial resources, the historic concentration of the receivables portfolio and its exposure to the real estate market.

By Antonio Fabrizio

Banca Italease has recorded a net loss of over €160 million
for the first six months of 2009.

The Italian lessor blamed the loss on the “the development of
the economic recession, the scarcity and high cost of financial
resources, the historic concentration of the receivables portfolio
and its exposure to the real estate market”.

It added that because of the shortfall of equity capital and the
scarcity and high cost of financial resources, it was unable to
place any emphasis on new contracts.

Therefore, the volume of new business in the first half of the
year was only €63 million, the company said.

It said that customer receivables amounted to €18.8 billion,
decreasing by 7.9 percent compared with the end of 2008.

Amounts due to banks were €8.7 billion – an 11.9 percent
increase year on year.

Antonio Fabrizio

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