Gasan Finance reports €845,000 pre-tax profit

Gasan Finance Company plc has reported a pre-tax profit of €845,196 over the half-yearly report ending 30 June 2013, up by €39,956 over the corresponding period last year.

In its interim directors’ report, the company reported a post-tax profit of  €586,195, a steady increase from the €566,654 it reported in 2011.

During the six-month period under review, the company’s income amounted to €1,726,890, up from €1,703,096 in 2012. This income was mainly generated from interest receivable on bills of exchange, interest charged to group companies on outstanding balances, and rental income.

Interest payable amounted to €733,819 while administrative expenses amounted to €147,878.

The company also declared a final net dividend of €3 million in respect of financial year ending 31 December 2012.

In its report, the company explained that its results for the year to date were in line with its expectations while the directors believe that there are no material risks and uncertainties for the remaining six months.

The company’s principal activity is to raise financial resources from capital markets to finance the operations and capital projects and to acquire bills of exchange from Gasan Group companies. The company also holds investment property that it leases out to related and non-related third parties.