Allied Farmers says that the possessions it obtained from Hanover and United Finance in the previous year are now worth no more than a third of the buying price, and more revisions may perhaps be on the cards.

The possessions which are worth $396 million when the corporation acquired them in December had been revalued at $175.5 million in the month of March, and now the business says that with bad credits and declining property values, they are worth a mere $124 million.

Managing Director, Rob Alloway says the business has revalued between 60% and 70% of its loan book.

There have been additional impairments, he says, mostly associated with the Auckland apartment market and some large-scale advancement properties that are up till now need to be rezoned.

Shares in Allied Farmers tripped, by approximately 8% to 5.9 cents on Friday.