Afterpay’s new owner Block yesterday released the buy now pay later company’s December half-year financial report, which details growing losses and impairments. 

Block, which completed its acquisition of Afterpay on February 1, did not provide any commentary on the results.

Income was A$644.9 million – an increase of 54.6 per cent over the previous corresponding period. 

With steep rises in employment expenses, impairments, marketing expenses, finance costs and other operating expenses, the company reported a three-fold increase in losses to $345.5 million.

The receivables impairment expense for the half was $176.7 million – up from $72.1 million in the previous corresponding period. The company wrote off debts worth $125.2 million – equivalent to 5.6 per cent of consumer receivables.

At June 30 last year, Afterpay reported that it had 16.2 million active customers, 98,200 active merchants and more than $20 billion of underlying sales over 12 months.