Pioneer Credit (ASX:PNC) posts 76% profit plunge - Sequoia Direct Pty Ltd

30SepSeptember 30, 2019

Pioneer Credit (ASX:PNC) posts 76% profit plunge

Pioneer Credit (ASX:PNC) has announced its net profit (NPAT) has dropped 76 per cent to of $4.3 million for the 2019 full year.

The result came on the back of the application of Amortised Cost to its portfolio.

Earnings increased by 16.7 per cent to $63.4 million.

Pioneer has been suspended since August 28 and advised it entered into a standstill agreement with its lenders on September 24.

Chairman Michael Smith acknowledged the events associated with transitioning to Amortised Cost over the past nine months had been tumultuous for shareholders and staff.

Copyright 2019 – Finance News Network

Source: Finance News Network

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