Montfort Capital Announces Third Quarter 2024 Financial Results and Plan to Divest of Brightpath Capital Corporation

About this update from Montfort Capital Corp

[{"type":"text","content":"\n\n\n\n Montfort Capital Announces Third Quarter 2024 Financial Results and Plan to Divest of Brightpath Capital Corporation\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n VANCOUVER, BC\n \n\n ,\n \n\n Nov. 26, 2024\n \n\n /CNW/ -\n \n Montfort Capital Corp. (\"Montfort\" or the \"Company\")\n \n (TSXV: MONT), today announced financial results for the third quarter ended\n \n September 30, 2024\n \n . All figures are reported in Canadian dollars unless otherwise noted.\n \n\n\n\n\n\n\n\n\n\n Third Quarter 2024 Highlights\n \n\n\n For the three months ended\n \n September 30, 2024\n \n the Company had the following highlights:\n \n\n\n Loans receivable as at\n \n September 30, 2024\n \n increased by\n \n $10.6 million\n \n or 3% compared to\n \n June 30, 2024\n \n .\n \n\n Total revenue for the quarter decreased\n \n $0.4 million\n \n or 3% compared to the prior year period, as although the average loan portfolio balance was larger, there was lower revenue earned on transactions and other fees.\n \n\n Total expenses decreased\n \n $2.0 million\n \n or 12% to\n \n $14.8 million\n \n from\n \n $16.8 million\n \n , mainly driven by an impairment loss on intangible assets of\n \n $3.6 million\n \n recognized in the comparative prior year period, partially offset by increased expected credit loss provisions and interest and financing fees.\n \n\n The net loss of\n \n $2.3 million\n \n was an improvement of\n \n $1.6 million\n \n or 41% compared to a net loss of\n \n $3.9 million\n \n in the prior year period, reflecting the lower expenses incurred in Q3 2024.\n \n\n\n For the nine months ended\n \n September 30, 2024\n \n the Company had the following highlights:\n \n\n\n Loans receivable as at\n \n September 30, 2024\n \n increased by\n \n $38.9 million\n \n or 12% compared to\n \n December 31, 2023\n \n and by\n \n $67.3 million\n \n or 23% compared to\n \n September 30, 2023\n \n .\n \n\n Total revenue decreased\n \n $3.4 million\n \n or 9% compared to the prior year period, as although the average loan portfolio balance was larger, lo...

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