Bridgecorp boosts full year profit

Property financier Bridgecorp Limited today reported a net profit of $18.9 million for the year ended June, up 50 per cent on the previous year.

Revenue from lending activities were up 13 per cent to $86 million.

Total assets rose $33.3 million to $556.1 million.

As at June 30, 2005, equity was 14.7 per cent of assets, up from 12.9 per cent last year.

Bridgecorp Group Managing Director Rod Petricevic said although the property market had softened slightly over the past year, the company was still getting quality lending proposals.

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

Over the year the company has cut operating expenses by 6 per cent, and bad and doubtful debts were down nearly 50 per cent to $2.1 million.

Mr Petricevic said the company's strong fundamentals meant he was confident of another strong year in 2006.

- NZPA