Published 21 April 2006
Mike Pero Mortgages Ltd produced a far-from-meaningful sort-of-annual result today, full of annualised comparisons which might, or might not, be accurate performance indicators.
The Pero result was for the 9 months to 31 March, the balance date of Pero’s new parent, NZ Finance Holdings Ltd. Previously Pero worked to a June balance date.
Finance company people play with numbers all day & every day. It’s what they do, it’s all they do. So it shouldn’t have been so hard to come up with real comparisons, not just theoretical ones, especially as Pero has been under the spotlight as a takeover target.
Setting down a column of 9-month numbers, with a column of 12-month numbers beside it, looks about as unprofessional as a finance company can get.
It got the treatment it deserved from one afternoon newsletter, which said Pero’s earnings had fallen. That’s what I thought at first glance, too. Instead, it seems Pero has made roughly similar revenue & profit in 3 quarters as it did the previous year in 4. Roughly, which is hardly a measure befitting a finance company.
In brief, Pero made ebitda of $2.33 million, ebit of $2.25 million & a net surplus of $1.4 million on $13.5 million revenue in the 9 months.
Attribution: Company statement, story written by Bob Dey for this website.