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     Results Comment: Credit U Holdings Ltd
     CREDITU [CUH]
    Link to Co Web Site Thu 11 Dec 2008
    Close: 84c No Movement
    Day's move: 0c (0.00%)
    Volume: 0
    Trades:  0     		  Email Alerts   Quick Facts  
     Comment: Tue, 8 Apr 2008
    Kagisano interim results 29 February 2008
    Total revenue increased by 39% to R140.5 million from R100.8 million in the previous interim period ended 28 February 2007. Gross profit margins for the mobile division continue to increase and are slightly higher in percentage terms at 36% (August 2007: 33%). Operating profit grew by 11% to R31.4 million, representing 22% of revenue. Taking into account the full effect of the increase in issued shares due to the listing for the first time has caused basic earnings per share as well as headline earnings per share dilute by 3% to 15.6cps from 16.1cps. Net asset value per share has increased by 17%, from 93.5 cents (August 2007) to 109.1 cents.

    Dividends
    No dividend was declared for the period under review.

    Prospects
    The South African Credit market is negatively impacted by the tightening of monitory and financial conditions and increasing costs of living. Despite this, the length and depth of the economic downturn will obviously mean that growth will have to be tempered with caution. This may also accelerate some of the consolidation opportunities in the market. There is more uncertainty and volatility than at any stage during the last two years. We expect this to continue for at least the rest of the financial year. The introduction of Blackstar will result in a strategic alliance with Kagisano for existing and future funding requests. The recently announced loan facility of R100 million from Blackstar will enable Kagisano to grow its advances book to more than R300 million as well as expanding its number of branches to 200 in 2010.
     
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