Credit Corp posts profit of K187mil
By FRANK ASAELI
CREDIT Corp Ltd (CCL) realised last year a record after tax profit of K187.04 million, up 229% or K130.10 million, from the previous year’s figure of only K56.93 million.
Total assets have also increased 40% to K681 million.
CCL chairman Barry Hanson released the company’s results for the year ending Dec 31, 2007 on the Port Moresby Stock Exchange (POMSoX) yesterday.
Mr Hanson said the strength of CCL’s operations in finance, property and investments impacted very favourably on the company’s financial performance and the value of CCL PNG shares over the last 12 months.
“Again, all segments of the group have achieved excellent results,” he said.
As has been the case for some years, CCL’s investment in Bank South Pacific (BSP) has been a major contributor to the overall profit.
BSP recently recorded a record after tax profit of K191.07 million for 2007, up 79% from the 2006 result.
CCL owns 10% of the issued shares in BSP which is a contribution of K141.66 million to the total profit.
BSP’s total assets also increased to K5.8 billion.
Also Credit Corp (Finance) Ltd had an excellent year as did operations in Fiji and the Solomon Islands.
CCL has also opened a company (Credit Corp Vanuatu Ltd) last October, its third offshore operation.
Mr Hanson said property companies continued to perform well with PNG’s premier commercial office building Credit House remaining fully tenanted.
Era Dorina had a most successful year as the exclusive residential apartments remained fully tenanted which have been the case for the last few years with an extensive waiting list of potential new tenants.
The construction of the 18 residential townhouses had been completed and tenanted on time and on budget.
The construction of an 18-apartment tower block has begun andis due for completion by September 2009.
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