ISP Financial turned a $3 million loss in the first quarter last year into an $8.2 million profit in this year’s March quarter as revenues climbed 25.5 percent to $64.5 million from $51.2 million last year in the latest quarter.
Earnings per share ended at 8 cents in 2017 against 46 cents for the fiscal year ending December last year.
Net revenues generated $59.56 million up from $49 million in 2016, staff cost rose 22 percent to $26.7 million while other operating cost fell from $25.7 million to $19.3 million.
ISP increased lending from $313 million at the end of 2016 to $331 million at the end of March and reduced cash funds from $112 million to $96 million. Loans advanced increased 31 percent since the end of September 2016, an annualized rate of 62 percent. Funds borrowed remained at $210 million, the same as at the end of 2016. Shareholders’ equity moved to at $242 million. The company has current assets of $443 million and current liabilities of just $11 million.
The stock is listed on the Junior Market of the Jamaica Stock Exchange and last traded on Friday at a record $24 up from the Initial public issue price of $2 last year.
The strong growth in loans and the potential for to continue in high double rate with cost being kept relative stable is the big attraction for the stocks.
Based on expected continued strong growth in lending IC Insider.com maintains it projected earnings per share of $1.75 for the current year.
ISP Finance Q1 jumps to profit
May 14, 2017 by
