Troubled Interform Ceramics, which last month unveiled a $1.7 billion rescue deal involving mainland-backed China Wealth Group, plunged heavily into the red in the September half, suffering an attributable loss of $421.5 million compared to a previous profit of $41.5 million. The figure takes aggregate attributable losses for the 18 months to September to more than $882 million after the company revealed in August it lost $460.6 million in the year to March and was in talks to freeze debt repayments. In the latest interim period, Interform was hit by exceptional losses of $311.3 million. These comprised $269.6 million in provisions for bad and doubtful debts and $41.7 million in provisions for the falling value of interests in associates. Its normal operations also suffered as management concentrated on restructuring talks with creditors who are owed $807 million, according to last month's rescue deal announcement. Turnover was down 60 per cent to $166.5 million, losses from continuing operations were $68.5 million and the share of losses from associates was $41.8 million. No dividend is being paid, compared to a one cent payout in the previous corresponding period. Interform chairman Matthew Ngan said yesterday he believed China Wealth would help the company not only in restructuring debt but also by providing opportunities in the ceramics industry. Earlier this month, Interform said it was extending the date for completion of the main part of the rescue deal to December 21 or later.