Profit reports mixed

FINANCIAL Services and management groups are continuing to report mixed results for the 2001-02 financial year.

While revenue continues to show positive results for many within the sector, profits are proving more elusive as the industry continues to find its feet through consolidation and merger activity.

Challenger International has reported a 24 per cent rise in year-on-year profit with a figure of $191 million, compared with the previous year result of $154 million. Meanwhile, Deakin Financial Services Group has announced a profit for the financial year ended June 30 of just $31,078.

However, it marks a significant breakthrough for the service group after it reported an $11.5 million loss the previous year. It succeeded in raising almost $7 million during the year to fund its expansion. Deakin has 111 licensed financial advisers operating around the nation, including 24 in WA.

And financial services group Snowball has released its preliminary annual results, which reflect a difficult year. Despite a 538 per cent increase in revenue to $5.24 million, it will post an overall loss of $6.16 million. Snowball chief operating officer Carl Scarcella attributed the performance to the merger and restructure with Fleet Capital.

Tribeca has strengthened its position. It is believed to have received earnings before income tax, depreciation and amortisation of $1.6 million for the financial year.

The result is 12 per cent above original forecasts on revenue of $12.8 million – almost double the previous year.

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