Trust Company has reported 18 per cent growth with a net profit after tax of $20.3 million for the 2007-08 financial year, it was announced at the company’s AGM yesterday.
As a result of Trust’s operating performance, shareholders were rewarded with an ordinary fully franked dividend of 30 cents per share.
“Including the interim dividend of 24 cents per share paid in November 2007, this takes the total for the financial year to 54 cents per share,” Trust chairman Bruce Corlett said.
The total dividend represents an increase of 23 per cent compared to the 2006-07 financial year result of 44 cents per share, he said.
For the 2007-08 financial year period Trust also reported a 12 per cent increase in operating revenue to $61.5 million.
“The 2008 result is pleasing given the changes in market conditions we saw in the second half of the financial year,” Corlett said.
Over half of Trust’s operating revenue comprises annuity-style income streams that are less affected by movements in asset vales, he said.
“This has enabled us to deliver a relatively robust financial performance at a time when others in the market are reporting significant cuts in expected profitability.”
