New York-quoted Paragon reported a net loss of $9.6m for the three months to 30 June, versus a gain of $170,000 in the comparable period a year ago.

Excluding asset sales, interest rate swaps and other one-off items the result amounted to a deficit of $5.6m or $0.23 in lost earnings per share, which is three cents lower than the Wall Street consensus estimate.

In