MTF's core annual profit falls after loan product withdrawn

Fri, 29 Nov 2019

Unrealised fair value gains boosted Motor Trade Finance's annual net profit 38 percent but underlying profit was down 8.6 percent, reflecting the withdrawal of its non-recourse lending product.MTF's net profit for the year ended September rose to $11.1 million from $8.1 million the previous year. That included a $4.4 million unrealised gain on the fair value of financial instruments in the year just gone compared with an $884,000 unrealised loss the prior year.Underlying profit was $8 million, down from $8.7 million.Turners Automotive Group had...

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