Login
ISCOVER
Firstfolio has reported a $294,000 loss after suffering a $1.3 million revenue decline.
The group announced earlier this month that it had recorded settlement volumes of $1.6 billion for the six months to 31 December 2013, a jump of 10.1 per cent on the year before.
It also announced that earnings before interest, taxes, depreciation and amortisation had fallen 22 per cent to $6.5 million.
To continue reading the rest of this article, please log in.
Looking for more benefits? Become a Premium Member.
Create free account to get unlimited news articles and more!
Looking for more benefits? Become a Premium Member.
Firstfolio announced further results yesterday. Revenue fell three per cent to $37.5 million, while the net result deteriorated 117 per cent from a $1.8 million profit to a $294,000 loss.
However, Firstfolio also revealed it had become a leaner business in the past six months.
“Total operating expenses declined 9.8 per cent, from $10.1 million to $9.1 million, benefitting from the internal review and restructuring of the operating model conducted during the previous financial year. Significant savings have been made in employee benefits and contractors,” according to Firstfolio.
The group includes a retail loan aggregation and broking division, eChoice, and a wholesale finance, franchise and leasing business, Folio Mortgage & Finance.
