Over Fifty Group foreshadows loss
Over Fifty Group (OFG) has downgraded its profit guidance and reduced its asset carrying values following a commercial review of its operations commenced in the wake of its annual general meeting last year.
The company’s revised profit guidance sees it predicting a loss of between $3.56 million and $3.76 million this year, which it said was predominantly due to one-off expenses and reductions in the fair value of certain group assets.
It suggested that its normalised net profit after tax was $8 million to $8.2 million.
However, the company said that while it was expecting the Australian economy to be relatively subdued in the current financial year, the recurring income from major business units of the group was expected to be solid.
“Whilst it is too early to issue precise guidance for the 2008-09 period, OFG currently believes that the likely earnings during this period should match or exceed the 2007-08 normalised earnings guidance of $8 to $8.2 million after tax,” the company said.
AUTHOR
Mike Taylor
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