2 Cheap Cars Group (NZE:2CC) secured a NZ$5 million trade finance loan and a NZ$1 million commercial flexi facility under an agreement with ANZ Bank, the firm said in a Friday filing with the New Zealand bourse.
While the firm is still projecting the full fiscal year net profit after tax to be over NZ$3 million, a sustained economic downturn, as well as continued market volatility, continued to impact profitability into the fiscal fourth quarter, the filing noted.
The favorable impact of carbon credits carried forward from prior years will contribute to the net profit.
ANZ Group Holdings (ASX:ANZ, NZE ANZ) is the holding firm for ANZ Bank.
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