(Australia) – The National Australia Bank (NAB) has confirmed a A$132 million exposure to regional bus operator King Bros, and says it will take a A$46 million hit in its March 2003 quarterly result.NAB placed King Bros in administration in early April, and the two principals of the Kempsey, NSW, company are still missing.
King Bros total debts are A$220 million, with much of the balance owed to Toyota Finance Australia.
The NAB says the provision would not impact its half yearly profit, which Salomon Smith Barney expects to come in at A$2.05 billion.