The Credit Corporation Net Profit K 80 Million

PORT MORESBY - The Credit Corporation (PNG) Ltd and its subsidiaries recorded a core net profit of K80.79 million (US$35.91 million) last year, up 9% from the 2011 results.

Credit Corporation posted a net profit of K106.93 million (US$47.53 million) during the year, a 154% improvement from the previous year, according to its 2012 report.

Chief executive Robert Allport said: “Our business performed well in 2012, achieving a record core underlying profit in line with the guidance we provided.

“The growth of the Papua New Guinea economy, arising largely as a result of the ongoing US$19 billion PNG LNG project, continued during 2012.

“This growth has laid the foundation for another highly successful year with our core business of finance and property enjoying continued demand and earnings growth.

Allport said while this demand was expected to level out this year, the company was well positioned with a growing business and a very strong balance sheet.

The company’s results last year included:

Group core business cash operating profit of K80.79 million, a steady increase from the 2011 result of K74.16 million; Group total assets reached K1 billion, a significant increase when compared with 2011’s K890.56 million; Shareholders’ equity reached K711.02 million, up from K633.86 million; and A dividend of K31.74 million was paid to shareholders last August, up 25% as against K25.31 million paid in 2011.

The group also operates in Fiji, Solomon Islands and Vanuatu, specialising in a range of financial products and services. [TheNational]
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