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It looks more like an ethical excuse to get out of a loss-making business that's not really going anywhere.
The company told the inquiry that no commercial lender would support such a loss-making business and it would be forced into liquidation.
It also said the discrepancy in joint-venture income was due to loss-making joint ventures.
A predictable response, retort media analysts, who believe that the loss-making business can no longer be sustained.
The loss-making biotechnology industry is another example, with companies looking at consolidation to cut costs.
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