This article is from the Australian Property Journal archive
RHG Limited, formerly known as RAMS Home Loans, has announced an unaudited consolidated profit after tax of $124 million for the year ended June 2008.
The result includes a profit after tax of $103 million from the sale of RAMS Brand and origination business to Westpac.
In addition, RHG write down after tax of $6 million in relation to unamortised transaction costs associated with $1.00 billion of mortgages sold in February 2008 as part of refinance of extendible commercial paper program.
As at June 30 2008, RHG had a mortgage book of $11.54 billion. This is funded via term RMBS ($3.18 billion) and warehouse facilities ($8.36 billion).
RHG said it remains in discussion with its various warehouse providers in regards to future maturity dates, however a high level of uncertainty still remains in the current market which will likely result in the group selling further mortgages at par in repayment of facilities.
Meanwhile, RHG will undertake an on-market share buyback of up to 10% of its issued shares over the next 12 months.
Australian Property Journal
