KEY POINTS:
South Canterbury Finance posted a 35 per cent rise in first half net profit to $17.7 million, and was on track for another record annual profit.
The company had also built up a record $1.5 billion in total assets over the six months ended December 31, up 28 per cent on a year earlier.
"We are very comfortable with the current trading climate," chief executive Lachie McLeod said.
"Even though the market has now flattened out, we are on target to achieve a full year NPBT (net profit before tax) of $45 million," he said, a 15 per cent increase.
Provision for bad debt and write offs were stable at 0.045 per cent of total receivables, and the debenture book rose 20 per cent, or $220m.
The 80-year-old company listed on the New Zealand Debt Exchange in December after completing a $120m float of fixed-rate, perpetual preference shares.
South Canterbury, controlled by Timaru millionaire philanthropist Allan Hubbard, shelved plans for a full sharemarket listing in 2005.
- NZPA
