Gasan Finance plc registers €770,490 pre-tax profit

In the six-month period ending 30 Jun, Gasan Finance registered total income of €1.62 million over 2009’s €1.42m. This was attributable to interest receivable on hire purchase debts covered by bills of exchange, interest charged to group companies on outstanding balances and rental income. Interest payable increased from €588,390 in 2009 to €740,501 in 2010.

Gasan Finance raises financial resources from capital markets to finance the operations of the company. On the 4 May 2009, the company issued €20m bonds at 6% for the 2014-2016 period, and on 31 May 2009 the company redeemed the outstanding 6.4% bonds 2008-11 amounting to €10.8 million.

This  brought about an increase in both interest payable and interest income in the six months ended on 30 June 2010 when compared to the same period last year.