Credit Corp happy with half-year results

 CREDIT Corporation PNG Ltd says in its 2015 consolidated financial report that it is satisfied with its half-year results despite a downturn in the economy.

“The group’s half-year results from financing, property and investment activities were considered satisfactory given the current subdued economic condition,” chairman Garth Mcllwain said

He said net profit after tax was K52.17 million compared to a record of K28.68 in June 2014.

“Financing volumes are within budged levels and property occupancy rates are being maintained as forecast,” he said.

Mcllwain said investment revaluations recorded a positive adjustment mainly due to increase in Bank South Pacific share price from K7.14 to K7.45 during the half year. 

He said a dividend totalling K41.07 million (30 per share) was paid to shareholders during August 2013.

He said operating conditions continued to be challenging.

He said the board was confident that shareholders returned at reasonable returns.