Gasan Finance Company makes pre-tax profit of €755,056

Gasan Finance Company plc made a profit before tax of €755,056 during the January to June period, compared to €443,798 for the same period last year, the company announced yesterday in its half yearly report.

Profit after tax amounted to €551,191 compared to €328,411 in the first six months of last year.

Income generated by the company during this period amounted to €1,429,691 compared to €1,095,103 last year. This year's figure "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," the company said.

Interest payable increased from €559,993 in 2008 to €588,390 in 2009.

On May 4 the company issued €20,000,000 6% Bonds 2014-16 and on May 31 the company redeemed the outstanding 6.4% Bonds 2008-11 amounting to €10,877,706.

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