KEY POINTS:
Property finance and funds management company St Laurence nearly doubled interim net profit to $10.2 million for the six months ended September.
St Laurence increased revenue by 84 per cent to $33.6 million, having acquired funds management businesses last year to add income streams, assets and equity, managing director Kevin Podmore said.
The company posted a net interim profit of $5.3 million a year earlier.
Total assets rose to $351.6 million from $283.3 million a year earlier, and equity lifted to $56.2 million from $46.9 million. Cash fell to $46.9 million from $73.4 million.
The average term of deposits of 28 months exceeded the average term of loans at 16 months.
"A tighter market presents excellent lending opportunities for those who have money to lend, and we expect to continue to take advantage of these and funds management opportunities over the next 12 months," Podmore said.
St Laurence is lodging a renewed prospectus with the Companies Office by the end of December.
The company manages more than $1.2 billion of assets.
- NZPA
