Equity Trustees profit down 19.1 per cent
Equity Trustees has continued to struggle in the tough market conditions, recording a 19.1 per cent decline in net profit after tax of $4.1 million for the six months to December 31 last year.
The diversified financial services house told the Australian Securities Exchange today that the decrease in profitability had occurred due to the continuing reduction in worldwide investment values and general slowdown in business activity.
However, it claimed the operating business of Equity Trustees had continued to perform well due to an absence of debt, four strong business units in key markets and careful management of expenses.
The ASX announcement said it was anticipated that the interim fully franked dividend would be maintained at 50 cents per share, something which would be confirmed later this month.
AUTHOR
Mike Taylor
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