Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Provincial Finance continues strong profit growth

Tuesday November 23

Provincial Finance continues strong profit growth

Canterbury based finance company, Provincial Finance Ltd is diversifying further into property and business lending after more than doubling its profits for the six months ending September 30, 2004.

Provincial Finance’s operating profit before tax increased by 117 per cent to $11.3 million on the same period last year when the profit before tax was $5.2 million.

In announcing the strong profit result, Company Founder and Director, David Lyall, says future plans include increasing the company’s involvement in property and business lending. Demand for consumer finance, the area in which Provincial Finance now specialises, remains stable, he says.

Provincial Finance’s after tax profit for the six months to September 30, 2004, was $7.065 million on a turnover of $36.8 million. This compares with the after tax profit of $3.2 million on the turnover of $17.3 million in the corresponding six months last year.

Mr Lyall says the company’s strong growth is also reflected in a more than 100 per cent increase in its equity to $22.2 million from $11 million for the corresponding period last year.

“We are obviously very pleased at the company’s continued growth and optimistic about future increases. We are also confident about further investor support given our consistently strong results,” Mr Lyall says.

It has been a year of achievements for the company which was 13th on the Deloittes Fast 50 which lists the 50 fastest growing companies in New Zealand. Provincial Finance has grown 336 per cent in the last three years.

Provincial Finance lends mainly second mortgages on homes and motor vehicle and rural finance. The company, which also operates an office in Auckland, uses legendary All Black Colin Meads to front its advertising campaign.

ENDS


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

ALSO:

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news