Dominion Finance lifts forecast profit by 16.5%
14 December 2004
Dominion Finance lifts forecast profit by 16.5 per cent
Following a review of current performance, the directors of Dominion Finance Holdings Limited are forecasting at least a 16.48 per cent increase in net profit after tax for the year ended 31 March 2005.
The new forecast of $7,068,000 is up $1 million on the previous figure published in the prospectus for the initial public offering of shares made in July.
Chief Executive Officer Terry Butler says the demand for finance for good quality projects is still continuing at a high level.
Dominion Finance specialises in short-term advances across a wide range of business sectors throughout the country. Mr Butler says the company is also benefiting from the higher profile achieved since July from being one of the few finance sector companies listed on the NZSX.
“Borrowers and debenture-holders now have gained additional confidence from our willingness to demonstrate that we do practice sound corporate governance and do have the appropriate disclosure procedures in place.”
Mr Butler said the Reserve Bank’s decision earlier this month to maintain the official cash rate at 6.5 per cent was also positive for the company by providing a stable interest rate environment.