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Bridgecorp Announces Strong Half Year Result

Published: Fri 16 Nov 2001 01:40 PM
MEDIA RELEASE
November 15, 2001
Bridgecorp Announces Strong Half Year Result
Bridgecorp Holdings Ltd has announced an unaudited after-tax surplus of $5.464 million for the half year to September 30, 2001, up 147% on last year’s $2.210 million. Revenue rose from $15.749 million to $24.052 million for the same period and total assets grew 98% from $152.208 million to $303.973 million.
Chairman Bruce Davidson said the period represented a milestone for the company with the excellent result combined with the legal and regulatory arrangements being finalised to allow the company to set up a “look-alike” operation in Australia.
He said increased activity in Australia resulted in $3.24 million of the total surplus of $5.464 million accruing from operations there. The company’s mortgage portfolio is now 60% insured with Lloyds of London with provisioning set at $3.29 million on the total portfolio of $225 million.
Mr Davidson said that special meetings of Bridgecorp security holders were being called in December to approve a new structure that will allow the company to also operate under Australian company law. Shareholder meetings would follow.
He said the company was well poised to take full advantage of opportunities identified in Australia, especially on the eastern seaboard, with operations on target to continue to grow
Half Year
30 September Full Year
31 March
2001
$000 2000
$000 2001
$000
Revenue 24.05 15.7 39.9
Profit 5.4 2.2 6.8
Total Assets 303.9 152.2 213.6
Mortgage Portfolio 225.0 101.7 164.4
(ENDS)

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