LANDMARK White has posted first half year net profit after tax of $184,000, up 152% when compared to last year's $73,000.
In the six months to 31 December 2011, revenue from continuing operations totalled $10,528,000 which is a decrease of 7.6% from $11,393,000.
LMW announced an interim dividend of 1 cent per security, unchanged from last year.
LMW said revenues continued to be impacted by the soft property market along with the loss of some senior personnel.
Profit before tax from continuing operations of $392,000 increased by 48.5% compared to the corresponding result last year of $264,000.
The company said better cost control, lower debtor provisioning and the sale of the loss making funds management business contributed to the improved result.
LMW warns IT costs will higher in future years.
“We are currently in the process of installing new industry specific valuation software to replace two less efficient software packages. This will assist both in giving LandMark White a competive advantage in communicating with banking valuation software as well as reducing ongoing IT costs.
“The second half of the financial year is historically stronger than the first half. Subject to no significant further deterioration in the economy and property market, we anticipate an improved result from that achieved in 2010-11,” LMW predicted.
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