Savings society realises profits

THE PNG Cocoa Growers and Producers Savings and Loan Society (PNGCGPSLS) has reported net profits for the last three years.
This was disclosed in a financial report which was presented to the members last Saturday during the society’s first annual general meeting.
The report said that PNGCGPSLS made profits for the years 2004 (K95,973), 2005 (K346,571) and 2006 (K241,161), stressing that it was the society’s profitable years since it opened for business in 1999.
The report also noted that the first net profit was realised after the interim board and management took over the society in 2004.
The drop in net profit for last year from 2005 was attributed to the offsetting of delinquent loans.
The report also noted an increase in membership from 13,556 in 2004 to 18,016 last year.
The members’ savings deposits rose from K3.9 million in 2004 to K6.6 million last year, it said.

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