Higher costs affect Baycorp profit

SYDNEY - Australian and New Zealand credit-checking group Baycorp Advantage said first-half profit fell 27 per cent on the back of higher costs and a restructuring.

Net profit for the six months ended Dec. 31 declined to A$15.79 million (NZ$17.4 million) from A$21.72 million a year earlier. Group revenues from continuing operations rose 6 per cent to A$99.8 million.

Shares in Baycorp, created in 2001 by the merger of New Zealand's Baycorp and Australia's Data Advantage, have risen 12 per cent since the end of the half. Baycorp fended off a bid in the half from investment fund Allco Equity Partners

- REUTERS