Mortgage Rates Daily Commentary
Wednesday 24 April 2024
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Mike Pero increases profit forecast
Mike Pero Mortgages increased profit forecast provides little help for its share price.
Wednesday, July 14th 2004, 6:47AM
Newly listed mortgage broking firm Mike Pero Mortgages has upgraded its profit forecast.
The company says, in a notice to the NZX, that it has traded well over the four months ended June 30 and preliminary results indicate the net surplus for the period will exceed the forecast of $338,028 contained in the prospectus for the Initial Public Offering by approximately 20%.
The result for the four months to 30 June will be released to the NZX in mid August.
The sharemarket initially treated the news warmly pushing up the share price. However, yesterday it slipped 4c to 90c, reversing half of the gains booked when it upped its quarterly profit forecast.
MPM shares listed at $1 each. You can check out the share price HERE
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