Lombard announces $1.1m 9-month profit

Newly listed financial services firm Lombard Group Ltd has declared a profit after tax of $1.109 million for the nine months to March 31.

The company joined the stock exchange just before Christmas through a reverse takeover of Pure New Zealand.

Today Lombard said it was difficult to compare the nine month result with the $2.55 million loss in the year to June 30, 2005 because the company, then trading as Pure NZ, contained loss making businesses which had since been sold.

Lombard Finance & Investments Ltd, a wholly owned entity of Lombard Group, announced a pre-tax profit of $4.939 million ($3.239 million after tax) for the 12 months to March 31.

On a consolidated basis the group's equity was $22.76 million, with Lombard Finance & Investments equity increasing to $14.983 million from $6.016 million at the previous year end.

No dividend was declared.

- NZPA