Equity Trustees posts record profit
Equity Trustees has posted a record after-tax profit increase of 30 per cent for the year to June 30, lifting net profit to $10.6 million.
Operating profit increased by 35 per cent in 2008, driven by a 21 per cent increase in operating revenue, in line with advice given to the market in February.
Earnings per share rose 27 per cent to 113.35 cents in 2008, up from 105.18 cents.
Equity Trustees chairman Tony Killen said the company’s record profitability has been achieved “despite volatile markets in the second half of the year”.
“Our underlying business remains solid, with year on year growth in all four of our business units, despite considerably tougher market conditions since late 2007.”
Killen said he expects market volatility to continue, with the outlook “extremely cautious” for the company in 2009.
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