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Date Published : Wednesday, August 20, 2008
Mortgage broker Mortgage Choice saw its net profits for the year ended June 30th fall 1.2 per cent from $19.6 million to $19.3 million, it has announced.
The company's managing director described the results as "solid" because of the current macroeconomic situation and stated that the company is "well placed" to achieve more success in fiscal 2009.
Mortgage Choice disclosed total revenues of $161.4 million, up from $157.1 million during fiscal 2007.
The 1.2 per cent dip in net profits equates to a fall in earnings per share of 0.2 cents from 16.6 cents to 16.4 cents.
"This result is a solid outcome when considered against a backdrop of the US subprime situation, a federal election in November and four cash rate rises in the financial year totalling 100 basis points," Paul Lahiff, Mortgage Choice's managing director said.
As the broker employs a 'pure play' distribution model and has no products of its own it is open to very few risks to its balance sheet and was not directly impacted by the US subprime mostgage crisis that has affected numerous financial institutions, it said.
Mr Lahiff stated that major lenders "continue to regard mortgage brokers as an essential distribution channel in housing finance".
The broker's "specialist focus, strong brand presence, experienced and professional broker network, high productivity levels per broker and well honed training, product and technology systems" suggests that Mortgage Choice will be able to benefit from any growth prospects in the future, the managing director added.
Mortgage Choice announced in July that it had rejected an approach from Count Financial to amalgamate their operations after finding the offer was not in the best interests of shareholders.
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