Bell Financial Group profit drops 28 per cent
Bell Financial Group’s net profit margins have slumped by 28 per cent in the past six months, according to financial results posted on the Australian Securities Exchange.
The group recorded a pre-tax profit of $10 million up to June 30, a decline of 25 per cent, with a net profit after tax of $6.6 million, down 28 per cent compared to the same period in 2008. Its revenue has slumped by 17 per cent.
Bell Financial recorded a revenue drop of almost 30 per cent at the end of 2008, while its profit before tax plunged by 57 per cent in the same period to $21.4 million.
Bell Financial Group managing director Alastair Provan said the group was pleased that it could report a profit in the current circumstances. Trading conditions were particularly difficult in the first few months of the year, but conditions improved and continued into the second half of the year, he said.
The group’s acquisition of Southern Cross Equities in September last year made a significant contribution to its bottom line, Provan added.
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