Bridgecorp Limited's Half-Year Profit Is Up By 37%

Thursday, March 23, 2006
Half-Year Results - to December 2005

Bridgecorp Limited's half-year profit is up by 37%, continuing the upward trend for the business.

Specialist property financier Bridgecorp Limited has continued its growth in New Zealand with a lift in pre tax profit to $16.1 million for the half-year ending December 2005, an increase of $4.5 million on the same period last year.

The company's half year financial result released today reported an after tax operating profit of $10.8 million, up from $7.9 million in the same period last year. Revenues from lending activities were $47.2 million, up 8.5%.

Total assets as at 31 December were $576.4 million, an increase of $43.4 million in 12 months, funded by total liabilities of $490.5 million and equity of $85.9 million. Equity at 30 December was 14.9% of assets up from 12.9% last year.

Bridgecorp Group Managing Director, Rod Petricevic is satisfied with the results and attributes much of it to the work that has been done internally on operating the business in a more cost efficient and effective way. The company's liquidity has been increased during the half-year and has grown further since December 2005 to reach $50 million currently. "With these sound fundamentals in place we have every reason to feel very confident about the future" said Mr Petricevic.

"We have continued to grow our investment book off the back of continued support from our investors for our fixed interest products, despite the fierce competition for retail money."

All of these positives ensure we are well positioned to move forward over the coming year as we continue to receive strong support from our investors and borrowers.

For more information on Bridgecorp Limited, please visit our website www.bridgecorp.co.nz

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