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ELN » Topics » 7 NET INTEREST AND INVESTMENT LOSSES

This excerpt taken from the ELN 6-K filed Aug 28, 2009.
7  NET INTEREST AND INVESTMENT LOSSES
 
                 
    Six Months Ended
 		 
    30 June  
    2009     2008  
    $m     $m  
 
Interest expense:
               
Interest on 7.75% Notes
    34.4       34.3  
Interest on Floating Rate Notes due 2011
    8.7       11.7  
Interest on 8.875% Notes
    21.2       21.2  
Interest on Floating Rate Notes due 2013
    4.4       6.1  
                 
Total debt interest expense
    68.7       73.3  
Net foreign exchange losses
    2.2       1.8  
Other financial charges
    0.5       —  
                 
Interest expense
    71.4       75.1  
                 
Interest income:
               
Interest income
    (0.4 )     (7.2 )
Investment interest income
    (0.2 )     (0.6 )
Other financial gains
    —       (0.3 )
                 
Interest income
    (0.6 )     (8.1 )
                 
Investment losses:
               
Impairment of investments
    —       2.8  
                 
Investment losses
    —       2.8  
                 
Net interest and investment losses
    70.8       69.8  
                 
 
Interest Expense
 
In the first half of 2009, interest expense amounted to $71.4 million, compared to $75.1 million in the same period of 2008. The decrease was primarily due to reduced interest rates related to our floating rate notes, partially offset by an increase in net foreign exchange losses.
 
Interest Income
 
Interest income amounted to $0.6 million in the first half of 2009, compared to $8.1 million in the same period in 2008. The decline primarily reflects decreased interest income as a result of lower cash balances and reduced interest rates.
 
Investment Losses
 
Net investment losses were $Nil for the first half of 2009 (2008: $2.8 million). The net investment loss for the first half of 2008 related to an impairment charge of $2.8 million.


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