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


NZ Finance Holdings forecasts $2.5m profit

NZ Finance Holdings forecasts $2.5m profit.

Richard Waddel, Independent Chairman of New Zealand Finance Holdings, has advised the NZ Stock Exchange that the directors’ profit forecast to next March, exceeds $2.5 million.

NZ Finance listed on the exchange in October.

The forecast result would represent a 50 percent increase over the March 2004 year. It should be noted that the profit in the previous period did not include the trading performance of New Zealand Mortgage Finance Limited which was only acquired by NZFH on 31 March 2004.

Mr Waddel said business activity has remained strong despite increasing interest rates and a slowing of residential property sales.

“It is encouraging to see the Reserve Bank’s latest decision to maintain the official cash rate which should provide some stability,” he said

NZFH specializes in short term advances and has only minimal lending exposure to the construction industry or CBD apartment market. Mr Waddel said that over 90 percent of the company’s invested funds are secured against “quality” residential real estate.

He said the experience of senior management who have high level banking backgrounds, the combination of a growing internal broker network and sound growth in the number of secured debenture investors, are combining to give the company a solid platform to meet growth plans in the next five years.

“A key challenge is to differentiate ourselves in the financial sector and we are beginning to improve levels of understanding about our company and our products,” he said.

Write offs since the last balance date have been nil.

Mr Waddel said directors are satisfied with the success of the listing of NZFH, which also helps to differentiate the company in the financial sector.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>


Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>


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>>


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>>


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>>


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>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news