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 boosts profit

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.

Maternity unit safe

Maternity unit safe

Promising future for Emerald maternity services

Gemfest a 'huge party'

Gemfest a 'huge party'

Heart of event hasn't changed.

Hay runs delivering hope to CQ farmers

Hay runs delivering hope to CQ farmers

A Springsure local took to the road last Friday for a hay run.

Local Partners