Motor Trade Finance FY profit slips on financial instrument write downs

Thu, 13 Nov 2014

By Suze Metherell Nov. 14 (BusinessDesk) - Motor Trade Finance, the auto finance firm, reported a 25 percent drop in annual earnings as a loss in the value of financial instruments offset gains in a growing loan book. Profit fell to $6.1 million in the year ended Sept. 30, from $8.2 million a year earlier, according to the Dunedin-based firm's annual report, as it recorded a unrealised loss on fair value of financial instruments of $1.7 million, against a gain of $1.7 million a year earlier. Net interest income rose 11 percent to $45.4 mi...

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