Wide Bay Australia boosts profit

Wide Bay Australia achieved an after tax profit of $22.30m.
Wide Bay Australia achieved an after tax profit of $22.30m. AFP Photo

WIDE Bay Australia achieved an after tax profit of $22.30m, a 30.78% increase on last year's $17.05m profit result, the directors have announced.

The result was in line with the company's January 2010 profit forecast of an increase of approximately 30%, managing director Ron Hancock said.

Total assets of the consolidated group increased from $2.48 billion to $2.73 billion during the year – a growth of 9.96%.

Mr Hancock said included in Wide Bay's group results was an after tax surplus of $2.88 million from the company's wholly owned mortgage insurance captive, Mortgage Risk Management.

The board declared a final fully franked dividend of 31 cents to be paid on October 5.

The board also resolved to maintain the Dividend Reinvestment Plan at a discount of 7.5%.

Earnings per share for 2009/10 were 70.54 cents per share compared to 56.41 cents per share for 2008/2009.

Wide Bay Australia achieved loan approvals for the year of $369.91 million ($531.48 million in 2008/2009).

“Following the withdrawal of the boost to the government's First Home Buyer's Grant, Wide Bay experienced a steady decline in housing demand from both the new and the existing home sector,” Mr Hancock said.

Wide Bay's loans portfolio grew to $2.25 billion at June 30.

Looking forward to the next 12 months, Mr Hancock said Wide Bay was well placed for continued strong performance.

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