South Canterbury reports strong position
South Canterbury Finance says that some finance companies will struggle with liquidity over the next two to four 4 months.
Thursday, 30 August 2007
He says larger finance companies that are able to maintain sound liquidity, an investment grade rating and have a sound credit culture, will be in a very strong position, going forward.
South Canterbury yesterday reported its pre-tax profit increased from $39.3 million to $50.6 million for the year ending June 30.
The company has also secured a $150 million funding line to diversify its funding mix. The funding line arranged with BNZ and CBA will rank equally with debenture holders.
McLeod says besides the funding line SCF has $140 million cash in the bank a Standard and Poor's rating of BBB- offer investors security.
He says the rating "has ensured a steady flow of funds throughout the year."
"Despite having to raise interest rates the company's liquidity position remains strong and provides the necessary capital to fund the forecasted growth."
"There are some exceptional finance companies in New Zealand, which are well run and will continue to play a large part in the business development of this country".
Key points from annual results:
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