Canadian Payday Loan Company Sees Profit Spike
By J.J. CameronPayday Loan Writer
Rentcash is the only payday advance loan broker in Canada publicly traded on the Toronto Stock Exchange. It operates more than 430 stores across Canada under three banners: The Cash Store, Instaloans and Insta-rent.
No matter how you look at them, the company enjoyed a net income of $3.6 million in the fourth quarter, compared to just $144,000 for the same quarter last year. It was an impressive haul for this payday loan company.
Other highlights from the final quarter report included:
- Revenues increased 17 percent to $37.6 million.
- Retention payments to lenders (formerly administrative allowance provision) totalled $3.6 million, compared to $8.9 million for the same quarter last year.
- Cash and cash equivalents of $12.9 million on June 30, 2006, compared to $10.7 million on March 31, 2006.
- Six new quick payday loan brokerage stores opened in the quarter.
