City Pacific maintains earnings guidance
Financial services group City Pacific has reported a 13.3 per cent increase in net profit for the half-year to December 31 of $24.25 million.
The result, announced to the Australian Securities Exchange today, was underpinned by an increase in revenue to $111 million, up from $108.5 million.
Commenting on the result, City Pacific chief executive and managing director Phil Sullivan said the funds management, property and financial services divisions of the company had delivered quality results.
“It is pleasing that the strong first-half result has been primarily driven by the strength of our funds management business, despite operating in the most volatile investment environment in recent years,” he said.
City Pacific used its announcement to the ASX to confirm that it was currently conducting due diligence on certain assets within the MFS Financial Services business including the MFS Premium Income Fund.
Commenting on the outlook moving further into 2008, Sullivan said that recent volatility in capital markets had had no significant impact on the company’s results.
“City Pacific reaffirms its previous guidance of another record full year result targeting a 10 per cent uplift on the 2007 full year result,” he said.
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Mike Taylor
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