UDC profit lifts
UDC Finance has made a strong start to the financial year, reporting a net profit after tax of $34.7 million for the six months to March 31, 2019.
Friday, June 28th 2019, 10:36AM
Wayne Percival
That is a 6% increase on the same period from the previous financial year.
Overall revenue was $73.4 million, an increase of 11%. This growth was driven by continued consumer and business investment in motor vehicles, plant and machinery.
UDC chief executive Wayne Percival said: “We’re pleased to deliver this result during a period of more caution in the New Zealand economy.
“While businesses are approaching investment in new equipment and vehicles with more consideration, the prospects for many of the key industries we focus on, such as forestry, road transport and the construction sector remain positive.
“We are committed to supporting our customers and helping them grow their businesses. Focusing on strong, long-term relationships with our customers is important and their ongoing support enables us to continue growing.
“The level and quality of enquiries our machinery and equipment partners saw at the recent National Fieldays also reflected a sound outlook for the broader primary sector.”
Provision expenses, at $7 million, remain low as a proportion of UDC Finance’s total portfolio. The overall quality of UDC Finance’s lending book remains strong and there were no individually significant write-offs during the reporting period.
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