$4.8 million profit
6 December, 2018, 9:40 am
A PIONEER asset management company that was established in 1945, recorded a revenue of $4.8 million for the 10 months of this year.
An announcement sent through the South Pacific Stock Exchange said VB Holdings Ltd’s revenue for the previous full year stood at $6.7m.
Company chief executive officer Nitish Niranjan said the financial results of the company for the year recorded a post-tax profit of $0.9m while its unaudited profit for the 10 months of this year compared with $1.8m for the previous full year.
Mr Niranjan said the company, with its core business of fleet management and property management, had been a public company for nearly 72 years but it only listed on the SPSE in 2001.
He said VB Holdings had consistently provided its shareholders with dividends of 14/1 5 cents per share returns on their investment annually for the past six years.
The company also announced its second interim dividend for the period ending October 2018 — of $0.08 cents per share — which will provide a total dividend return of 15 cents for the year.
Mr Niranjan said the company was debt free for the first time in more than 20 years, having paid off all its loans.
In addition to the positive performance of the company, Mr Niranjan said VB Holdings Ltd also had an increase in rental income from its properties because of end of term vacancies of some property that have since been re-rented at improved rates.
Meanwhile he said the fleet management division had experienced a decrease in revenue in comparison with previous year, because of end of term for some fleet leases.
He said it was also encouraging to see the recent share price stands at an all-time high of $7.75 with the market capitalisation of the company standing at just over $16.5m.