tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, March 28th, 10:13PM

Investments

rss
Latest Headlines

Results wrap

A number of finance companies have reported results in the past week. Here is a wrap of how Lombard, Speirs and St Laurence have fared.

Friday, June 1st 2007, 11:00AM
Listed finance company Lombard Group has posted an audited pre-tax profit of $7.73 million for the 12 months to 31 March 2007, up from $4.0 million in the previous year, and net profit after tax of $4.86 million, up from $2.34 million.

Its property finance arm, Lombard Finance & Investments, posted a net profit after tax of $5.84 million, up from $3.24 million. Loans and advances remained stable at $161.2 million ($163.8 million 2006) and it has $19.7 million in cash.

Lombard Sir Douglas Graham said the result was particularly pleasing given the highly competitive finance sector and “the challenging trading conditions”.

Bad debts hurt Speirs


Speirs Group reported an after tax loss of $847,000 for the year ended 31 March due to larger than expected bad and doubtful debt.

Bad debt and doubtful debt provisioning in 2007 amounted to $3,318,000, compared to $1,726,000 the previous year.

Most of the bad and doubtful debt in 2007 arose from loans made during the financial years 2001-2005 under lending practices that have since been changed.

Over the last 18 months, new Finance Division management and processes have been introduced. Lending standards have been tightened significantly, asset valuation and recovered asset disposal processes have been upgraded, and an exhaustive review of the receivables portfolio was undertaken during 2007.

« Aust finance company operating in NZ collapsesUDC looks to grow its loan book »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
News Bites
Latest Comments
Subscribe Now

Deposit Rates newsletter

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com