CMI ties again on Capitalcorp

CMI said there was "recent renewed interest" in buying its finance business Capitalcorp Finance and Leasing, a business that was otherwise withdrawn from sale in early August.

Capitalcorp, whose core business is finance for used motor vehicles, reported revenues of $22.4 million for the financial year for CMI, down 15 per cent on the year.  

Capitalcorp operates through 40 outlets offering personal loans, commercial finance and insurance. Capitalcorp loans are originated through a number of lenders, including Esanda, GE Automotive Financial Services, Westpac, ANZ, National and St George.

CMI reported a loss of $17.6 million in its finance division from a write-down of Capitalcorp, but may be able to write some of that back if it finds a buyer.

Taking into account a similar write-down on an engineering business (since sold), CMI reported all-up it incurred a loss of $22.9 million after tax for the 2008 year.