Credit Corp’s first six months’ profit down

CREDIT Corporation (Papua New Guinea) chairman Sir Wilson Kami says the company’s interim dividend for 2017 is 4toea per share.
Sir Wilson said the board had approved the interim 2017 financial statements for the six months ending June 30 where an interim group profit after tax of K61.8 million was announced.
He said the profit was down by four per cent compared to last corresponding period.
Sir Wilson said while flat business conditions continued in Papua New Guinea, in the short-term, the company was well positioned with excellent business, strong capital and liquidity and a growing balance sheet.
“Group core business financing, investment and property rental activity continue to produce acceptable results relative to the current subdued economic conditions,”Sir Wilson said.
“Financing volumes are within budgeted levels and property occupancy rates are down due to the slowdown in Papua New Guinea economy.”
He said investment revelations recorded a positive adjustment mainly due to the increase in Bank South Pacific share price from K9 to K9.54 during the half-year.
“During the half-year, the Credit Corporation group continues to maintain strong capital and funding positions,” Sir Wilson said
“Despite the challenging trading environment, the board is confident that the operating results for the second-half of 2017 will achieve budget expectations.
“The group will continue to maintain its pre-eminent status as one of the largest locally-owned corporations operating in the South Pacific, with total assets of K1.33 billion and shareholders’ equity reaching K822 million.”