Strategic reports increased interim profit

Strategic Finance has reported a fully audited net profit after tax of $14.64 million for the six month period ending 31 December 2007.

Friday, February 15th 2008, 12:06PM
This is an increase of $2.59 million or approximately 21.5 percent up from last year's figure of $12.05 million.

Total assets grew 13 percent from the same period last year. Shareholders' funds increased by over 76 percent to $116.35 million.

Chief Executive Kerry Finnigan said the result was pleasing, but also stated that turmoil in global financial markets and investor concerns over recent failures of finance companies in New Zealand and Australia has set the scene for some challenging times.

"This audited result, in the current environment, demonstrates the strength and capability of our firm. "But I have no expectation that things will get easier in the short term. However, we have staff, processes and a mode of operation that are exactly what is needed to get through this period.

"We will continue to give investors good reason for trusting that their money is being well managed. In the shaky share markets, products such as our fixed interest term deposits compare well with other options.

"We will continue to be astute, careful and demanding in our lending," he said.

As examples of the careful management, he pointed to the company's large equity base and levels of liquidity, with $101.79 million available in cash. Gearing ratio also remained well above the industry average of 12.18%1, currently standing at 17.44%.

Total liabilities – predominantly depositors' funds – grew 5 percent from the same time last year.

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