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Financial Resources posts maiden profit

NEWLY listed Western Australia-based leasing financier Financial Resources has posted a slightly higher net profit than its prospectus forecast.

The company reported an after tax net profit of $1.351 million. It had forecast a $1.34 million return.

Financial Resources chairman Barry Samuels said the company had declined to declare a dividend for this financial year "as current cash reserves will be preserved in order to provide capital to fund new growth opportunities and the acquisition of further loan books".

"We have forecast a pre-tax net operating profit of $2,213 million for the year ending June 30 2004, with the strategic plan to grow organically and by acquisitions," he said.

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