Austock profits fall
Funds manager Austock has had a tough year, with net profit after tax of $8.1 million, a decline of 27 per cent from $11.1 million in the previous corresponding year.
Underlying earnings per share fell to 7.0 cents, a decline from 10.8 cents in 2007. However, total funds under management (FUM) have remained stable at $1.3 billion despite declining markets.
Austock managing director Tim Boyle said the company’s board of directors continued to believe that Austock was well positioned to fulfil its future growth potential.
“Austock will continue to review alternative strategies to maximise the value of its investments and build a portfolio of robust financial services businesses to carry it through current market conditions,” he said.
“Austock remains well capitalised. It has strong cash reserves, a strong management team, a structure and a strategy for long-term growth.”
In a statement by the company, as the first annual report since becoming a listed company, this has been a disappointing “result flowing from the extent of the global market turmoil”.
AUTHOR
George Liondis
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