A half year loss of Stg22 million ($NZ53 million), for the six months to the end of June, was recently reported by Guinness Peat Group (GPG).

Chairman Sir Ron Brierley said in a statement released to the London, Australian and New Zealand stock exchanges: "The result includes a Stg6 million ($NZ14 million) loss by principal operating subsidiary, sewing thread and needlecraft company Coats."

GPG made a loss of Stg42 million ($NZ99.91 million) in the corresponding period in 2008.

The market update issued earlier in August saw Brierley explaining that the legacies from earlier portfolio upheavals, and GPG's share of losses incurred by Coats and Capra, were mainly responsible for the accounting loss for the first half.