AUSTRALIA'S HAMILTON ISLAND POSTS 7% FALL IN 9-MONTH PROFIT.

BRISBANE, May 1 Asia Pulse - Hamilton Island Ltd (ASX:HAM), a resort operator in Queensland's Whitsunday islands, has posted an after tax operating profit of $A8.8 million ($US4.48 million) for the nine months to March 31, 2001, a seven per cent decline on $A9.5 million ($US4.84 million) in the previous corresponding period.

The company said "lumpiness" in the timing of land sales was the main reason for the lower profit.

The company's other two core operations - Resort and Hamilton Airport - achieved higher revenue and profit for the nine months.

Hamilton Island's managing director Wayne Kirkpatrick said a brighter outlook for land sales was anticipated for the balance of the fiscal year.

"We continue to hold the view that the full year land sales profit contribution will exceed last year's $A4.5 million ($US2.29 million)," he said.

"A high level of enquiry and development activity on the island has been sustained, despite the lower revenue from land sales and development in the latest period."

Hamilton Island's earnings before depreciation, interest and tax (EBDIT) for the nine months to March 31, 2001, was a record $A19 million ($US9.68 million) - up from $A18 million ($US9.17 million) in the previous corresponding period, while EBIT edged up from $A13.4 million ($US6.83 million) to $A13.5 million ($US6.88 million).