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NZF Group has reported a 44 per cent drop in annual net profit to March. The finance company, which has changed its name from New Zealand Finance Holdings, increased revenue by 17 per cent to $45.8 million.
After-tax profit was up 21.2 per cent to $4 million but net profit was down 44 per cent to $3.8 million, from $6.7 million last year. NZF said the 2007 result included a one-off profit of $3.5 million from the sale of its stake in Mike Pero Mortgages.
The group's directors said they did not expect the next 12 months to be much different from the current climate, but believed NZF was well-positioned to adapt.
"We are probably the smallest finance company on the NZX and we have been selective and cautious about the areas we have invested in," chairman Richard Waddel said. "As a result of our small size we are probably more nimble and able to respond to the changing environment finance companies are facing."
During the year, NZF's loan book has risen from $172 million to $245 million. The company's total assets have increased 41 per cent to $281.8 million, and total equity is up 14.9 per cent to $24.3 million.
- NZPA
