Finance Corp. down also
(N.Z. Press Assn —Copyright} The Bank of Adelaide finance subsidiary, Finance Corporation of Australia, Ltd,’ has joined the country’s other major financiers in reporting a downturn in profit for the six months to December 31. F.C.A.’s net profit was $353,000, or 13.4 per cent, lower at $2,276,000, after providing $400,000 less for taxation at s2.lm but $4OOO more for depreciation at $164,000. The directors say that they consider the result satisfactory in view of the difficult conditions during the half-year. Net principal outstandings decreased 3.5 per cent to $339.7m. Bad debts written off totalled $253,000, or 0.075 per cent of net outstandings. Tire company’s receivables are mainly on loans secured on real estate.
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Bibliographic details
Press, Volume CXV, Issue 33775, 22 February 1975, Page 13
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117Finance Corp. down also Press, Volume CXV, Issue 33775, 22 February 1975, Page 13
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