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RIFCO reports 14% increase in Q2 revenue

RIFCO, a specialty consumer finance corporation, has reported second quarter revenue of CAD1.64 million, up 13.6% over the CAD1.44 million recorded in the same period of the prior year.

The company net income for the quarter decreased to CAD57,000 from net income of CAD89,000 in the same quarter last year. Managed loans grew to CAD24.3 million an increase of 34.4% from CAD18.1 million in 2006.

The company has stated that loan losses were reduced in the quarter. As such, credit performance for the year to date period has returned to the company’s targeted range.