Beacon of hope for future profit
Financial services group Beacon Financial Services Limited has announced $1.764 million loss for the first half of this financial year.
In a statement released yesterday, the company, which is not associated in any way with Kevin Wyld or Beacon Investment Management Services, indicated that it considered the loss to be short term.
The statement says the poor result does not change the group’s positive long-term view of its business’ prospects.
“The directors of the company continue to believe that the company will return to a profitable position by the end of the financial year,” the statement says.
The announcement confirms Beacon Financial’s own forecasts for the first half of the financial year.
The company released a statement in October last year informing the Australian Stock Exchange (ASX) that it was not expecting a profit for the first half of the financial year.
“The profit for the half year to December 31, 2001 will not meet expectations from the previous corresponding period. A profit for the half year period will not be possible,” the statement said.
At this time, Beacon Financial Services Ltd attributed the fall in profits to the effect of market movements on its portfolio since June 30 last year, identifying the September 11 terrorist attacks on the US as an additional factor.
Beacon Financial Services reported a profit of $1.067 million in the six months to December 31, 2000.
AUTHOR
Fiona Moore
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