Goldfields profit up on Firstmac rebuff
Ambitious financial services company Goldfields Money has returned to profitability in H1 FY18 with a statutory profit after tax of A$62,707 and an underlying profit after tax of $362,638 (after accounting for transaction costs incurred in relation to the Firstmac takeover offer and proposed Finsure merger). Goldfields continued to grow its loan portfolio and delivery of the new core banking platform to enhance Goldfields Money's digital banking capabilities. This project is currently at an advanced stage of implementation and the new platform is expected to "go live" in the coming weeks. A record of $23.8 million new loans were settled by GFY in H1 FY18 with total loans under management increasing to $200.5 million, which the company said was reflective of its investment in developing and expanding distribution capabilities.