Ag land trust plunges to interim loss on iProsperity loan write-downs

Rural property minnow Agricultural Land Trust slumped to a $6.19 million interim loss for its 2021 financial year after writing down to zero almost $7 million in interest income that was due on loans provided to failed property fund manager iProsperity.

This reversed a corresponding interim profit of $1 million in the previous financial year, before ALT’s ill-fated tie-up with businessman Michael Gu, who fled Australia in July last year after his iProsperity Group collapsed owing investors about $70 million.