Good profit rise for U.D.C.
U.D.C. Group Holdings, Ltd, the wholly-owned finance house subsidiary of ANZ Banking Group (New Zealand), Ltd, yesterday announced a 47.6 per cent increase in the group net trading profit to $2,131,000 in the six months ended March 31. Gross Receivables rose 12.1 per cent to $244.5 million, and total debentures and deposits were 9.1 per cent higher at S2O2M. Consolidated total tangible assets, excluding deferred income. increased 12 per cent to $250.2M, and capital and reserves stand 10 per cent higher at $23.5M. During the half year under review there was a continuing demand for the group’s services with a particularly
strong demand for funds from the export, forestry, and transport sectors, the directors said. U.D.C. Finance, Ltd, increased new business to record levels and enjoyed a half-year of solid growth.. The group's merchant banking subsidiary, U.D.C. Mercantile Securities, Ltd, increased its profit 31.6 per cent to a record $266,000. The directors are confident that U.D.C. is well placed to play its part in assisting with New Zealand's economic development during the 1980 s. Provided there were no marked changes in trading, the directors said they expected profitability for the second half to be comparable to the present result.
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Press, 2 May 1981, Page 19
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204Good profit rise for U.D.C. Press, 2 May 1981, Page 19
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