Pioneer Credit – 1H19 results lower on increased costs. FY19 guidance reaffirmed

Pioneer Credit (PNC) reported 1H19 results, with net profit after tax down 33% on prior corresponding period due to increased employee and borrowing costs. EBITDA was unchanged. We believe PNC's credit quality remains solid, despite a weaker half-on-half performance, with the Company reaffirming guidance for FY19.