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AUSTBROKERS POSTS 47 PCT RISE IN ANNUAL PROFIT TO US$13.8 MLN.
MELBOURNE, Sept 1 Asia Pulse - Austbrokers Holdings Ltd (ASX:AUB) expects soft conditions in the insurance industry to continue into the new financial year, after reporting a lift in annual profit.
The insurance broker Thursday posted a net profit of $A18.11 million ($US13.8 million) for 2005/06, up 47 per cent on the previous year.
Adjusted or underlying net profit, excluding an $8.1 million profit from the sale of businesses and other items, was $11.48 million.
That was up 10.6 per cent on its prospectus forecast of .4 million and a 26 per cent improvement on the previous year.
Chief executive Lachlan McKeough said Austbrokers' network of 32 brokers covering 80 sites around Australia had performed well despite soft market conditions.
"We're very pleased with the result that's been achieved in a difficult market," Mr McKeough said.
"At best, we hope that it has bottomed out and we don't see further deterioration, but I can't claim that will be the case."
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Source: HighBeam Research, AUSTBROKERS POSTS 47 PCT RISE IN ANNUAL PROFIT TO US$13.8 MLN.