Feltex Fin. doing well
The directors of Feltex Finance, Ltd, in their interim report for the six months to 31 December, announced 39 per cent increase in halfyearly profit (after taxation) of $160,000.
This compares with a figure of $115,000 in 1979. Retained profit carried forward for the half year is $906,000, compared with $529,000 last year.
The directors expect profit for the full year to June 30, to show an improvement over that recorded in the previous year.
Significant growth in. borrowings, receivables and profit are reported, with profit reflecting the increased level of hire purchase discounting made possible by a higher borrowing base. In a note on interest rates, the directors state that ai peak was reached in the middle of the year and ratesi offered by the company; were reduced slightly, effec-l tive early August. Arising from strong support of -the company’s third) and fourth issues, total de-j benture borrowings in-j creased $7.5M.
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Press, 25 February 1981, Page 23
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156Feltex Fin. doing well Press, 25 February 1981, Page 23
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