Strategic profit up
Strategic Finance has reported an after tax profit of $18.9 million for the year ending June 30.
Tuesday, September 21st 2004, 6:19AM
Profit before tax and goodwill amortisation was $29.6 million, an increase of 23% on last year's result.
The lending portfolio at June 30 stood at $251.5 million, with an average loan size of $2 million on an average 13-month term.
Hobbs said the growth in profitability was attributable to a strong ongoing performance from the core property finance operations.
Lending is focussed on the main urban centres, particularly Auckland, together with key provincial locations such as Queenstown and the Bay of Plenty where above average growth and activity is expected.
Residential lending accounted for 62% of the property portfolio, followed by commercial at 27%, industrial 4% and non-property activity at 7%.
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