AUSTRALIAN EQUITY

Press, Volume CIII, Issue 30442, 16 May 1964, Page 16

AUSTRALIAN EQUITY

New Business, Profits Up

(N.Z. Press Assn.—Copyright) MELBOURNE, May 15. Australian Equity Corporation, Ltd., hire purchase and finance group, wrote more new business and earned higher profits in the three months to March 31 than in each of the two previous quarters.

Directors said in a report to the Stock Exchange this morning that both the volume of business written and earnings in the latest period were “at a slightly higher level” than in the six months to December 3. In the half-year to December the company earned profit of £159,811, compared with £171.583 in the corresponding period of 1962. Outstandings were maintained at approximately the same level as for December, 1962, but interest paid on borrowed funds was higher. Directors said today that outstandings at March 31 were £18.84m., which was £360,000 higher than at December 31. Outstandings The latest outstandings comprise £12.15m. for contracts on which charges have been added for the full period of the contract, at £6.69m. for other contracts which do not include forward charges. Income to mature at March 31 totalled £1.98m. compared with £l.9m, at December 31. . Today’s statement added that the company has had a most satisfactory response to its issue of £500,000 of debentures which opened on April 28.

Interest rates offered for the issue were generally 1 per cent below previous April, 1963, debenture issue.