The worst of the impairment cycle appears to be behind South Canterbury Finance as the company booked just NZ$1.7 million of impairment losses during the recent March quarter, sharply down from NZ$194 million during the first six months of December 2009.South Canterbury also managed to make a turnaround by reporting operating profit of NZ$4.0 million during the above period. After impairments and other one-off expenses, the company reported a net loss of around NZ$3.0 million. This resulted in the equity level dropping to NZ$203 million from NZ$206.8 which was the result of opening equity of NZ$47.9 million and fresh equity infusion of NZ$158.9 million during the three-month period.The company said it didn't have to make any fresh provisions but added this may change as a re-assessment occurs at year end.Chief Executive Sandy Maier indicated business conditions were improving and lending opportunities were visible in the business and consumer sectors.