Strategic posts an improved six-month profit
Strategic Finance has reported an unaudited net profit after tax of $11 million for the six months ended December 31, 2004. This compares to $10.1 million for the same period last year.
Tuesday, March 1st 2005, 6:10AM
Strategic Finance chief executive officer, Jock Hobbs, said profit was achieved on revenues of $34 million, up from $30 million in the six months to December 2003.
Hobbs said there was a positive net cash flow from operations of $8 million, compared to $6 million previously. Growth in total assets was reported at $338 million, an increase of $20 million during the period, with total liabilities of $285 million.
Shareholders' funds grew from $46 million to $53 million as at December 31, 2004, while liquid funds totalled $40 million.
Hobbs said the company's gearing ratio (net tangible equity to total tangible assets) was 15.07%, compared to the sector average of 8.67%, according to the latest KPMG Financial Institution Performance Survey.
During the period Strategic Finance had its investment grade rating of B1 reconfirmed by Rapid Ratings.
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