Pyne Gould Corp's asset impairment expenses in the year ended June 2010 are expected to be more than double the amount initially forecast. In a guidance on its earnings due for release on August 26, PGC, a finance company in New Zealand, indicated asset impairment provisions will touch NZ$31.9 million, NZ$17.5 million above the initial forecasts of NZ$14.4 million. This will, however, be sharply lower from around NZ$98.6 million in the year ended June 2009.Impairments relate to property assets, which is the sector that PGC is now exiting.Despite higher provisions, the company expects to exceed its net profit forecast by around 5 per cent to NZ$22 million. The profit will mark a sharp turnaround from the NZ$54.5 million loss made the year before.PGC is one of the largest finance companies in New Zealand and is aiming to be a bank after merging with Southern Cross Building Society and Canterbury Building Society.