Online comparison website owner iSelect has recorded a $6.9 million first-half loss, lower than its previous loss of $1.5 million, as its CEO spoke of the business undergoing a financial reset.
The company's revenue dropped eight per cent on the previous corresponding period to $74.2 million for the half year up to December 31.
"ISelect has been financially reset, with an emphasis on generating sustainable profitable growth," CEO Brodie Arnhold said, adding that the company had a new strategy of focusing on core operations.
"The board remains confident that iSelect will return to its higher levels of historic profitability over the near term," Mr Brodies said.
ISelect, which makes most of its money from fees or commissions paid by providers for successful sales of their products, began the process of selling off its financial services comparison arm InfoChoice in December.
The company had declared a one-off $16.9 million impairment charge against InfoChoice during the 2018 financial year.
Shares in iSelect were down 2.50 per cent to 78 cents at 1130 AEDT on Monday.
ISelect's board has not declared an interim or final dividend.
ISELECT H1 LOSS
* Net loss of $6.9 million, down from net loss of $1.5 million in pcp
* Revenue down 8pc to to $74.2 million
* No dividend
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