Trust profit takes hit
Trust Company Limited has announced a significant fall in net profit for the half year ending August 31, down from $19.1 million for the prior corresponding period to just $5.6 million.
In announcement released to the Australian Securities Exchange (ASX) this week, Trust suggested that the result might have been worse had it not been for the sale of its 50 per cent interest in the BNY Trust Australia joint venture with BNY Mellon.
It said stripping out this one-off sale and other significant items, the company's operating net profit after tax for the period would have been $6 million, down from the $8.3 million reported in the prior corresponding period and in line with guidance.
Commenting on the result, Trust managing director and chief executive John Atkin said while operating conditions had been challenging, the company remained on track.
The company also strengthened its profit guidance, suggesting that it would be at the upper end of its earlier forecast of between $9 million and $12 million.
Atkin claimed significant growth opportunities were emerging for the company in both the short and longer term.
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