25 Mar 2014 Credit Corporation Group Results
The 2014 Credit Corporation (PNG) Limited group results were released today by the group chairman, Mr. Garth McIlwain. Core business cash operating profit from finance, property and dividend revenues was K82.50 million, a slight reduction when compared to the record profit of K85.20 million recorded for 2013.Group total assets reached K1,067,308 million at year-end, a moderate increase from K1,042,331 million at the end of 2013.Total shareholders’ equity at year end was K719.21 million, a slight reduction from K736.98 million at end 2013, largely as a result of the fair value adjustments detailed later in this release, andA dividend payment of K41.23 million was distributed to shareholders during August 2014 is at the rate of 13 toea per share. This is an 8.00% increase in the sum of K38.18 million distributed during August 2013 at the rate of 12 toea per share
Fair value adjustments
in terms of the international accounting standards the following fair value adjustments have been made to the 2014 consolidated financial statements:
Bank of South Pacific Limited (BSP)
shareholding negative adjustment is required largely to profit from the reduction from K7.98 to K7.14 in the value of BSP shares traded on the Port Moresby Stock Exchange. A sum of K32.94 million has been booked in this regard.
The sum of K14.02 million has been recognised in order to bring to account the fair value of the various group investment properties. This is consequent to reducing rental levels and current and anticipated vacancy levels in the present market.