Credit Corp posts K35m first-half profit

Business, Normal
Source:

The National, Thursday 20th September, 2012

CREDIT Corporation (PNG) Ltd has announced a cash operating after-tax profit of K35.71 million for the six months to June 30, an increase from last year’s K30.37 million.
Chairman Garth McIlwain said the group’s core business of financing and property rental activity continued to produce good results.
“Financing volumes in Papua New Guinea, Fiji, Vanuatu and the Solomon Islands have continued to achieve budget levels,” he said.
“The strategic investment in BSP Ltd shares has seen some recovery in share value trading on the Port Moresby Stock Exchange and these accounts for the majority of the K20.31 million investment revaluation above.
“Property rentals in Papua New Guinea have progressively increased during the past year with new leases being executed at the higher rental levels.
“Both Credit House and the Ela Dorina Estate remain fully tenanted.
“With the recent national elections completed and strong economic continuing, the outlook for the remainder of 2012 remains positive.”
McIlwain said a dividend totalling K31.74 million was paid to shareholders last month, a 25% increase on the dividend payment of K25.31 million paid for the same period last yer.
“During the half-year, the Credit Corporation group continued to maintain very strong capital and funding positions,” he said.
“The board is confident that the operating results for the second-half 2012 will achieve expectations and the group will continue its preeminent status as one of the largest locally-owned corporations operating in the South Pacific with total assets of K936.26 million and shareholders’ equity reaching K686.94 million.”