KEY POINTS:
Specialist financial services company Rifleman Group has posted a maiden net profit after tax of just over $1 million.
Total operating revenue was nearly $3.7 million.
The group, which lends to property developers and investors, has offshore funding arrangements and says it is not reliant on domestic funding.
Rifleman's managing director Murray Greer said the company had achieved the result on the back of strong growth in managed funds, and a pleasing return from broking activities.
He noted that Rifleman had launched at a time when financial services providers were thought to be volatile.
However, his company was aimed at the upper end of the market, "which is a completely different level at which many other companies operate, and quality companies will prosper even in an unstable environment".
Rifleman provides senior and mezzanine financing, and arranges and manages prime and mezzanine loans with wholesale financiers with which it has funding arrangements.
Under these arrangements, Rifleman manages facilities with limits totaling $145.5 million, of which just under $92 million has been drawn.
Just over $55 million is in prime mortgages, of which $23.1 million has been drawn.
- NZPA
