(MENAFN- ABN Newswire)
Goldfields Money (ASX:GMY) has returned to profitability in H1 FY18 with a statutory profit after tax of $62,707 and an underlying profit after tax of $362,638.
Summary of H1 FY18
- H1 FY18 marked a return to profitability for Goldfields Money Limited ("Goldfields Money" or the "Company") with a statutory profit after tax of $62,707 and an underlying profit after tax of $362,638 (after accounting for transaction costs incurred in relation to the Firstmac takeover offers and proposed Finsure merger)
- The Company continued growth of its loan portfolio and delivery of the new core banking platform to enhance Goldfields Money's digital banking capabilities. This project is currently at an advanced stage of implementation and the new platform is expected to "go live" in the coming weeks
- A record of $23.8 million new loans were settled in H1 FY18 with total loans under management increasing to $200.5 million, which is reflective of the Company's investment in developing and expanding distribution capabilities
- Major shareholder Firstmac made an unsolicited takeover offer for Goldfields Money in H1 FY18, initially offering $1.12 per share and later increasing the offer to $1.27 per share, which the Directors recommended that shareholders reject. Firstmac's offer expired without a single share being sold to them
- In November 2017, the Company announced a proposed merger with Finsure, with Goldfields Money shares to be valued at an attractive issue price of $1.50 per share to Finsure. Both Goldfields Money and Finsure continue to progress the proposed merger, which aligns with the Company's strategy of building distribution and origination capabilities via a broker led distribution strategy
To view the full presentation, please visit:
http://abnnewswire.net/lnk/4WMDI5GY
To view the Half Year Report, please visit:
http://abnnewswire.net/lnk/7NQT3I96
() is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). The Company is currently the only Western Australian headquartered and ASX-listed ADI. Goldfields Money is focused on building the business around customers' priorities through the smart use of digital technologies.
Investor / Media EnquiriesSimon LyonsExecutive Director & CEOGoldfields : +61-417-178325
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