New loans hit Cash Converters profit

By AAP

But earnings from its financial services products, which are its main profit driver, improved in the second half of the year. "Following the transition to the new micro credit regulatory regime in Australia we are confident that we will see the improvement we experienced in the second half continue into the 2015 financial year," Cash Converters said.

Cash Converters in Australia had personal loans worth $109 million at June 30, and issued $239 million in cash advances in the year to June. Its shares dropped 2. 75 cents, or 2. 4 per cent, to $1. 1275. * Net profit of 24. 2m, down 26 pct from $32.

Read more here: Business Spectator

    

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