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AUSTRALIA'S EQUITY TRUSTEES EYEING 20% PLUNGE IN H1 PROFIT

SYDNEY, Nov 02, 2009 (AsiaPulse via COMTEX) --

Company: Equity Trustees Ltd (EQTYF)

Australian trust services provider Equity Trustees Ltd (ASX:EQT) expects first-half profit to fall 20 per cent as asset markets have still not recovered to the levels of 12 months ago.

Assuming that markets continue around current levels, the second half was expected to be better than the first half, Melbourne-based Equity-Trustees said in a statement on Monday.

A 20 per cent decline would take profit for the six months to December 31 to about A$3.3 million (US$2.94 million) from A$4.1 million a year earlier.

"Although there has been a recent partial recovery in investment markets, upon which revenues are primarily derived, asset values in the first quarter were well below the corresponding prior year," Equity Trustees said in the statement.

The company's Annual General meeting will be held on Friday, November 6.

(AAP)maz

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News Provided by COMTEX

Company: Equity Trustees Ltd (EQTYF)


Related terms: australia, equity, investment, profit

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