MTF slips by 14.8pc

By Dita De Boni

Unlisted finance company Motor Trade Finances reported a drop in profit for the September year despite an improved second-half performance.

The company's after-tax profit dropped 14.8 per cent from last year's $40.2 million to $34.2 million this year.

New business was also down from $314.4 million in 1998 to $312.4 million in the current period.

The second half of the year saw new business improve 10 per cent.

Chairman Bruce Cole attributed this to improved market conditions and operating changes.

MTF is projecting a similar earnings result in 2000 due to "ongoing pressure on margins," said Mr Cole.

Next year, MTF will launch MTF Direct, an internet-based point-of-sale system.

The company says the system will make the sale of finance and insurance products easier and provide dealers with improved access to information.