Rifco starts year on profitable note

Auto finance company Rifco Inc. (TSX.V-RFC) has started its fiscal year on a profitable note, despite a tough market with tight credit.

Auto finance company Rifco Inc. (TSX.V-RFC) has started its fiscal year on a profitable note, despite a tough market with tight credit.

The Red Deer-based company reported on Thursday that it generated net income of $165,000 for the three months ended June 30 — the first quarter of its fiscal year. That figure is down from the $607,000 earned in the first quarter of 2008, but an improvement over a net loss of $195,000 in the preceding quarter.

Revenues were $2.9 million, down from $3.8 million a year earlier.

Rifco’s loan originations in the first quarter were $7.1 million, down from $9.5 million. The company said in a news release that its cost of funds has been high, with the resulting lending rates contributing to a drop in loan applications and originations.

Rifco provides non-prime loans for auto purchases through its subsidiary, Repair Industry Finance Corp. Its network of new and used vehicle dealers operates in all provinces except Saskatchewan and Quebec.

The company will hold its annual shareholders meeting on Sept. 9 at 3 p.m. at the Red Deer Lodge.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Alberta, Ottawa sign deal that reduces oilsands environmental monitoring

EDMONTON — Alberta has signed an agreement with the federal government that… Continue reading

Two injured after plane crashes in interior B.C. parking lot

NELSON, B.C. — Two people were injured after a plane crashed and… Continue reading

Province to provide update on return-to-school measures Tuesday

Some parents will consider homeschooling if online learning isn’t available

Man dies after being found in North Saskatchewan River southwest of Edmonton

EDMONTON — A 53-year old man has died after he was found… Continue reading

David Marsden: Back-to-school plan makes sense

Albertans are wise to propose ways to improve students’ return to classrooms… Continue reading

Opinion: PM must ponder changes

When the most powerful politician in Ottawa is up on the witness… Continue reading

Roc Nation partners with Brooklyn’s LIU to launch new school

NEW YORK — Jay-Z’s Roc Nation entertainment company is partnering with Brooklyn’s… Continue reading

Pay cuts, seating charts, COVID screening: How one B.C. venue is bringing back concerts

Alex Cuba wasn’t planning to be a trailblazer for the future of… Continue reading

Honda recalls 1.6M vans and SUVs in 4 different US recalls

DETROIT — Honda is recalling over 1.6 million minivans and SUVs in… Continue reading

Wall Street drifts as strong, months long rally takes a pause

NEW YORK — U.S. stocks are drifting in early trading on Tuesday… Continue reading

Manila back under lockdown as virus cases surge

MANILA, Philippines — Commuter trains, buses and other public vehicles stayed off… Continue reading

First cancer diagnosed in dinosaur fossil hints at communal life

First cancer diagnosed in dinosaur fossil hints at communal life EDMONTON —… Continue reading

Most Read