Cautious Cash Store stuck in the red
Short-term lender Cash Store Australia traded at a loss once again during the December 2012 quarter. The Toronto-listed business said it made a net loss for the quarter of C$2.1 million, down from C$2.9 million in the September quarter.The company said a decline in revenue of more than 50 per cent was due to a "decision to cease brokering loans from March 17, 2012 to April 14, 2012."Cash Store also ceased to sell "a key income producing product… [pending] a complete review of its key features."The business said "a significant number of customers went elsewhere for their financial servicing needs and have not yet returned to do business with Cash Store Australia."The closure of 10 outlets in the middle of last year will also have been a factor.Cash Store said it planned to introduce new loan products from today and "a newly designed insurance product shortly thereafter."