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New finance company for Unlisted, Bridgecorp profits down, meanwhile NZ Finance reports bumper profit.

Tuesday, November 21st 2006, 1:13PM
Alternative sharemarket, Unlisted, is hoping to have another finance company listed on its board soon.

Earlier this year Mascot Finance listed its redeemable preference shares on the exchange.

Bridgecorp profit falls
Bridgecorp, the New Zealand operating arm of the Bridgecorp group of companies, says its revenue was up in the year ending June 30, but operating profit was down due to bad and doubtful debts.

Total revenue was $105.5 million, up 11.3% on the previous year, however, due to an increase in bad and doubtful debt provisioning operating profit was down on the previous year from $30.1 million to $21.3 mill and operating profit after tax was down from $20.3 mill to $14.3 million.

Total assets were $652.3 million, up 16.7% on the previous year funded by total liabilities of $565.8 million.

NZ Finance reports bumper profit

New Zealand Finance's first-half profit has trebled thanks to its purchase of Mike Pero Mortgages shares and the subsequent selldown into the joint venture it set up with Australia's Liberty Financial to take over the company.

NZ Finance's net profit of $5.1 million was nearly 200% ahead of the same period a year ago, boosted by the $3.5 million profit it booked on selling down its Mike Pero stake.

Across the company, revenue rose by just under 200% to $24.9 million.

"The growth has come from our investment in Mike Pero Mortgages and the other financial services within NZ Finance," managing director John Callaghan said.

NZ Finance paid about $16.4 million to amass a 74.7% stake in Mike Pero, including 55% it bought from Gould Holdings late last year at 82c a share. Its bid for all of Mike Pero earlier this year was halted by Liberty's purchase of a 10.1% blocking stake.

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