BSP achieves positive results despite PNG slowdown
August 28, 2015 5:13 am
Despite a continued slowdown in the Papua New Guinean economy during the first half of the year, the Group has achieved sound results.
The BSP Group has recorded a consolidated operating profit after tax of over $202 million for the 2015 financial half year.
BSP chair Sir Kostas Constantinou says this is a 1.7% increase when compared to the same period last year.
However, the Group revenues was slightly down at $603m (-4%) due to the challenging economic conditions and the reduced margins on foreign exchange when compared to the same period last year.
Sir Kostas reiterated that whilst economic activity in PNG is more constrained than in prior years, he is confident in BSP’s capacity to fill revenue gaps with new business.
The Group recently established BSP Finance business in PNG and Fiji and has also recorded continued growth in Fiji and the Solomon Island markets.