LANDMARK White is expecting an improvement in FY12 after discontinuing its funds management business.
For the year to June 30, LMW made a net profit after tax of $616,000 down 43.5% from $1.091 million in FY10. Net profit attributable to members fell 51.1% from $945,000 to $462,000.
Revenue increased slightly by 1.4% from $21.92 million to $22.219 million. Revenues from residential valuations increased whilst commercial valuation revenues declined.
The board has declared a final fully franked dividend of 2 cents per share.
LMW said as a result of refocusing on core valuation operations, elimination of the loss making funds management business, the FY12 results will show significant improvement on FY11.
Australian Property Journal
