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Bridgecorp Limited posts strong half-year profit

17 March 2005

Bridgecorp Limited posts strong half-year operating profit

Bridgecorp Limited is continuing its strong financial performance, reporting an half-year operating profit of $11m for the six-month period to December 2004.

This is up 156 percent compared to the same period the previous year.

The company's half-year financial results, released today, report after tax profits of $7.3 million. Lending activities earned revenues of $43.2 million from interest and fees, up 18.6 percent. Interest paid to investors during the period was $21.4 million.

Total assets were $529.8 million, up $7 million, while total liabilities were steady at $455.9 million. Shareholders funds at 31 December were $73.9 million.

Bridgecorp Holdings Group Managing Director, Rod Petricevic, said the results reflect continuing strong growth for the company.

"The company's enjoyed significant success in recent years, much of it based on confident investor support. We're on track for another strong year in 2005, maintaining quality lending opportunities on a stable investment base," said Mr Petricevic.

Bridgecorp has been operating in New Zealand for the past 10 years and is one of the country's leading specialist property financiers. It has built its reputation around a team with extensive experience in the finance industry and property markets - a key factor behind its leading role.

Funds raised through investment products are used for Bridgecorp's property based lending activities. Generally loans are secured by mortgage over real estate and, in many cases, repayment is further protected by insurance from Lloyd's of London.

A number of initiatives strengthened Bridgecorp's business in the past year including enhancement of the Lloyd's mortgage insurance policy, implementation of an industry-leading loan management system, and development of a corporate governance charter in line with industry best practices.

Bridgecorp Limited holds the highest possible SQP ranking of "AAA". The SQP score ranks companies on three key measures: strength (S), quality (Q), and profitability (P). The AAA ranking awarded to last month was matched by only three other companies and indicates Bridgecorp Limited is in the top few finance companies in respect of strength, quality and profitability.

Rapid Ratings also confirmed Bridgecorp Limited's B4 rating last month, acknowledging the significant steps taken by the company to improve its risk profile, and areas such as transparency and credit management and reporting.

ENDS

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