Once bleeding badly

Once, the Australian financial services gambit of Singapore investor Yanlord, continues to haemorrhage cash. The cash drain required its owner to plough a further $75 million into Once, by way of a loan, during 2008.

The firm provides retail point of sale finance through the MyBuy brand, bill finance under the Once brand, life insurance and also credit insurance (as an introducer) and also mortgage origination through BidMyLoan. Once also owns practically all of InfoChoice, one of a growing number of websites that collate and compare production information on banking and related services.

This business combination incurred a loss of $37 million in the year to December 2008, following a loss of $29 million in 2007. The cash flow statement shows receipts from customers of only $9 million and expenses of $46 million. The balance sheet shows a deficiency in net assets of $68 million.

Some of this revenue is at least emerging from one target market, of billers. Once reported biller income of $2.4 million for the year, up from negligible levels the year before.

Financial statements for Once Pty Ltd for the 2008 calendar year have only recently been filed with the Australian Securities and Investments Commission.