AUSTOCK Group said it has exceeded its earnings forecasts despite posting a 27% fall in profit FY08.
In the year to June 30, the company posted a profit of $8.1 million.
During the year, the group discontinued its property operations in the
After including these non-recurring items, reported profit was worst at just $0.1 million.
Austock’s managing director Tim Boyle said Austock’s result exceeded earnings forecasts – before the deterioration in investment markets had a significant negative effect on the second-half result.
Revenue for the year was $71.7 million, an increase of 22% on the prior year.
Total FUM is now $1.3 billion, an increase of 7% on the prior year.
The group has declared a final, unfranked dividend of 1 cent per share.
Austock shares closed unchanged at 50 cents.
Australian Property Journal
