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

 


Lombard Finance & Investments has Increased Profit

Lombard Finance & Investments Limited Declares Increased Profit

Lombard Finance & Investments Limited, part of the listed Lombard Group Limited (LOM), has announced a $4.64 million net profit before tax for the six months to 30 September 2007.

On a comparative basis, the result is 33 percent up (from $3.48 million) on the same period last year, despite a more difficult trading market during the last six months.

We have also had a positive movement in the total equity of the business increasing by 50 percent from $18.77 million at 30 September 2006, to $28.26 million at 30 September 2007.

Lombard Group Chairman, Sir Douglas Graham, said the result was very satisfying given challenging market conditions that had affected the finance markets generally. He said that the benefits of having an NZX listed parent company were coming to the fore, as transparency and good governance are essential requirements in the current market. Further strengths are that we have no related party lending, no offshore lending, good liquidity management and an experienced management team.

Sir Douglas commented that the current focus of Lombard Finance & Investments Limited is to maintain prudent liquidity management over the coming months, as we believe with a diminishing number of lenders and a consequent pent up demand for development capital, good opportunities will be available in both the type of lending and the quality of lending.

Lombard’s CEO, Michael Reeves, commented that Lombard is quietly confident that we can prosper in the current environment.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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: 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>>

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:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news