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News Releases
MASS FINANCIAL CORP. Reports Results for the First Half 2008
- Return on Shareholders’ Equity for Six Months of 25% -
HONG KONG, (September 15, 2008) . . . Mass Financial Corp. (“MFC”) (Pink OTC Markets: MFCAF) today reported its financial results for the six months ended June 30, 2008. All figures are in U.S. dollars.
For the six months ended June 30, 2008, MFC reported total revenues of $305.9 million with net income attributable to shareholders of $25.6 million or $1.12 per diluted share, compared to total revenues of $265.9 million with net income attributable to shareholders of $34.0 million or $1.46 per diluted share for the first six months of 2007.
At June 30, 2008, the Company had $287.8 million in cash and securities, our working capital ratio was 2.49, and the long-term debt-to-shareholders’ equity ratio was 0.51. Return on shareholders’ equity (not annualized) was 25 percent. In comparison, the S&P 500 returned negative 15 percent in this period. Equity per common share increased to $6.97, a 163 percent increase in two years.
President Michael Smith, commented, “With this second half of 2008, we see a strong year developing. MFC is in its third year since becoming an independent company. We have kept focus on redefining our corporate objective of fully capitalizing on our industry knowledge and striving for greater growth and diversification.
Our commodities business along with our large number of related contacts has enabled us to gain greater product, service diversification and find new markets. This business should not be viewed as a commodities business but as a risk business with suppliers and purchasers.
We are pleased to report almost 60 percent of our trading revenues are derived from term marketing and distribution agreements for non-ferrous metals and other products. Some of the investments we make in commodity producers are part of our proprietary investing strategy. Our first shipment from our Indian iron ore reserves has been completed and we anticipate additional shipments after the rain season at the end of this year.
With the downturn in the global economy, opportunities are becoming more visible. Valuations of several, what started to be, complementary projects have been coming closer to much more sensible levels and start to be at a real discount to net tangible asset value. We will, however, maintain our strict level of discipline in assessing these risks.”
Mr. Smith continued, “It is now time to start creating market awareness and liquidity for our shareholders. One of the very first steps is to complete the process of listing our common shares on the Vienna Stock Exchange. This will only be an initial start to creating liquidity for our common shares since our spin-out in 2006 as an independent company and marks an important phase in enhancing shareholder value.
The effectiveness of our strategy demands constant review and attention in order for MFC to reflect our commitment to developing wealth for our shareholders.”ment Proxy Circular
About Mass Financial Corp
Mass Financial Corp is an international merchant banking company specializing in financial services, commodity trading and medical services. To obtain further information on the Company, please visit our website at www.massfinancialcorp.com.
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