Fund Managers Otago Ltd, which operates three mortgage funds from Dunedin, booked an almost $123,000 after-tax loss for the year, and accumulated losses were up $122,000 on the previous year, at $1.22 million.
The company has the $41.1 million NZMIT-PIE fund, which is being wound up, the $15.6 million CMIT-PIE fund, which is closed to new investments and the $11.9 million NZMIT-No 2 FUND, which is open to new investments.
The full-year to March 2012 result for Fund Managers Otago is lodged with the Companies Office.
Fund Manager's liabilities at March last year exceeded its assets and it was in negative equity, by $47,000.
Fund Manager Otago's managing director Peter Hutchison, contacted yesterday, said while the company was in negative equity, its equity had been kept in shareholder advances.
Those advances, during 2011 and 2012, totalled more than $720,000.
In the full-year report was a $408,000 charge for ''consultant fees'' booked during financial years 2011 and 2012, which Mr Hutchison said was ''internal'', being payment for self-employed people, including himself, and was not for outside advice.
Fund Managers Otago's six directors were paid about $144,700 in total for the year 2012.
The management fees paid by the distressed NZMIT-PIE fund to Fund Managers Otago totalled $1.86 million, $972,000 in 2011 and $888,000 in 2012, respectively.
