- Debt restructuring and insolvency management company Credit Intelligence (CI1) has exceeded profits for the first half of the financial year
- Profits soared 335 per cent year on year, totalling $1.2 million after tax
- Group revenue almost doubled, reaching $5.3 million
- The company says despite political and social tensions in Hong Kong its businesses there continue to deliver
- Additionally, the company's Singaporean companies are performing profitably
- As a result, Credit Intelligence's share price is up 40 per cent, with shares trading for 3.5 cents each
Debt restructuring and insolvency management company Credit Intelligence (CI1) has exceeded its estimated earnings for the first half of the financial year.
Group profits recorded a 335 per cent increase, totalling $1.2 million after tax. Revenue almost doubled year on year, reaching $5.3 million as of December 31, 2019.
After announcing its half year financial performance, Credit Intelligence's share price has increased by 40 per cent as of 1:00 pm AEDT.
Detailed in today's release to the Australian market, the company outlined its business in Hong Kong is performing strongly despite ongoing social and political tension.
The bankruptcy and individual voluntary arrangement business "continues to generate sustainable profits and positive cashflow for the CI1 group," the company wrote.
The company's two businesses in Singapore, which were both acquired last year, generated a profit. In July, Credit Intelligence purchased ICS Funding, and in September it bought Hup Hoe Credit.
In the six months leading up to December 31, last year, ICS generated $500,000 in profits and $1.1 million in revenue.
In the three months leading to December 31, last year, Hup Hoe Credit generated $300,000 in profits and $700,000 in revenue.
Shares in the company are now trading for 3.5 cents each.