PROPERTY and financial investment manager Austock Group has made a remarkable return to profit for the first half year.
Austock announced an underlying profit after tax of $1.3 million for the six months ended December 31 2008 compared to a loss of $700,000 in December 2007.
But after including the one off items, Austock reported a loss after tax for the half year of $14.1 million which was worse than the $8.7 million recorded in the previous period.
Managing director Tim Boyle said the restructure efforts that Austock commenced early last year have now resulted in implemented cost savings of $7 million.
The group has decided not to declare an interim dividend.
Austock share fell 3 cents or 15.79% to close at 16 cents yesterday.
Australian Property Journal
