Rifco Inc. (TSXV: RFC) has started 2010 on a profitable note.
The Red Deer-based company, which provides non-prime loans for auto purchases, has reported net income of $416,000 for its first quarter, which ended June 30. That marked a 153 per cent increase over the $165,000 earned during the same period last year.
Rifco’s earnings per share for the quarter were two cents, double the figure from April to June 2009. Revenue for the quarter was $3.7 million, up 28 per cent from the $2.1 million for the same three-month period of 2009, and 87 per cent higher than the $2 million posted during the immediately preceding quarter.
The company also reported higher year-over-year loan originations ($9.1 million from $7.1 million), which boosted managed finance receivables to $59.1 million from $52.4 million.