MARAC Finance reinvestment rate rises
MARAC Finance, the finance company owned by Pyne Gould Corp., said it held its reinvestment rate at 63% last financial year and lifted profit by 5%.
Wednesday, August 27th 2008, 7:38AM
by Jonathan Underhill
MARAC has managed to avoid the worst pitfalls of dwindling liquidity that has caused more than 20 rivals to fail or suspend payments. This month it established a $300 million facility through its securitisation program and negotiated an $80 million increase in its syndicated banking facility.
"MARAC Finance's liquidity was $250 million at July 31," managing director Brian Jolliffe said. "This is a much higher level that the company traditionally holds but in the current difficult market environment is considered a prudent step."
Growth in financial receivables slowed to 8% in the latest year. Impaired assets increased to 11.7% from 8.1%.
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