Auto finance firm Rifco forecasts 2006 loss AutoNews24h.com

Auto finance firm Rifco forecasts 2006 loss

Auto News : Auto Loans : Auto finance firm Rifco forecasts 2006 loss

RED DEER, Alta. (CP) _ Auto repair finance specialist Rifco Inc. (TSXV:RFC) warned Wednesday that it expects to book a $300,000 net loss or two cents per share in 2006 but expects to turn a profit in 2007.

Revenue for fiscal 2006, which ends March 31, is expected to come in at $3.8 million.

Rifco's said it expects net income for 2007 of about $700,000 or four cents per share on revenues of about $7 million.

Rifco operates through its wholly owned subsidiary Repair Industry Finance Corp. and provides auto and commercial repair financing, new vehicle purchase loans to motorists and heavy truck operators.

Its shares were untraded at 64 cents Wednesday on the TSX Venture Exchange.

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