Credit Corp reports fall in profit

 Credit Corporation (PNG) Limited group financial results in 2015 showed core business cash operating profit from finance, property and dividend revenues was K75.76 million. 

This compared to the profit of K82.50 million recorded the previous year.

The Group total assets reached K1,165.74m at year end, a moderate increase from K1,063.42m at the end of 2014.

Total shareholders’ equity was K743.69m, an increase from K719.21m at the end of 2014. 

This equates to net asset backing per share of K2.36.

A dividend payment of K41.07m was distributed to shareholders in August 2015 – at the rate of 13 toea per share thus maintaining the dividend flow set during 2013.

Chairman Sir Wilson Kamit in the report said to comply with the international accounting standards, fair value adjustments were made to the 2015 consolidated financial statements.

There was a positive adjustment to recognise the increase from K7.14 to K7.50 in the value of BSP shares traded on the Port Moresby Stock Exchange. A sum of K14.10m has been booked in this regard.