Premium funder Centrepoint Alliance says “significant” half-year losses have been caused by the recent acquisition of Professional Investment Holdings.

The balance sheet shows a net loss of $7.6 million compared to $3.4 million for the corresponding six months to December 31 in 2009.

However, the company’s half-yearly report released to the ASX last week says the losses reflect large “one-off” expenses associated with the offshore operations and material merger costs.

Centrepoint Alliance says its premium funding business continues to trade successfully with improvements in the volume of loans written.

It says now the merger has been completed it can implement a strategy to strengthen and improve core business operations and support services to its adviser network.

This will facilitate growth and expand its range of investments and services provided while ‘“nsuring improved profitability”.

It will also closely monitor costs to help identify operations which are generating “inadequate” returns.