Company records $2.2m profit

ONE of the fastest growing companies on the stock market has recorded a net profit of $2.209 million for the quarter ending September 30.

Kontiki Finance Ltd yesterday announced through the South Pacific Stock Exchange the group’s unaudited profit result for the three months to September 30.

It said the profit recorded was an increase of 87 per cent compared with $1.180m recorded for the same period last year.

Company chairman Daryl Tarte said Kontiki Finance continued to trade well in the September quarter, and the company was well positioned to grow both its balance sheet and profitability in the year ahead.

It was also highlighted that the net operating income at the end of September was $5.524m, compared with $3.654m for the same period the previous year, an increase of 51 per cent.

Mr Tarte said on November 8 the Company paid a final dividend of 2 cents per share for the year ending June 30, 2018, bringing total dividends for the year to 3 cents per share.

He said shareholders had approved the raising of an additional $3.0m in capital to support the strong growth in loan sales during the current financial year.

Meanwhile the company’s total assets under management grew to $186.8m as at September 30, 2018, compared with $111.7m as at September 30, 2017, an increase of 67 per cent.

Net assets closed at $20.3m as at September 30, 2018, compared with $12.1m as at September 30, 2017, an increase of 69 per cent.

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