Australian Ethical revises forecast
Australian Ethical Investment and Superannuation has revised its profit forecast, notifying the Australian Securities Exchange today that its profit for the year ended June 30, 2008, was expected to be approximately 95 per cent to 100 per cent of the profit result for the previous financial year.
It said that the expectation was based on unaudited management accounts to the end of May and on management estimates for June.
As well, the company said that from April to June, this year, its wholly owned subsidiary, Australian Ethical Superannuation Pty Ltd, had been transitioning the outsourced administration of the group’s superannuation fund.
“Due to the transition, the expected result includes management estimates in some areas related to the transition,” it said.
The company said the expected result was also based on the company’s management fees, which were in line with management estimates to June 30, 2008.
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