25 May 2012

Canterbury University loss worse than expected

1:27 pm on 25 May 2012

The University of Canterbury is projecting a worse-than-expected loss, but is reassuring bond holders their payments won't be affected.

Excluding insurance, the earthquake-hit university is projecting a $50 million loss in 2012, compared with an earlier forecast loss of $17.4 million.

It says the substantial deterioration is nearly all due to a change in the accounting treatment of its library purchases.

If insurance is included, Canterbury University says the loss stands at $20.3 million.