Wealth manager Equity Trustees Ltd
(ASX:EQT) has reported a 10.8% fall in first-half profit today, less than the market guidance given in November for a decrease of close to 20%.
Unaudited net profit after tax for the six months to December 31, 2009 came to 3.7 million, down from $4.1 million for the same period last year.
Chairman Tony Killen says the better than expected first half result was due to a combination of stronger investment markets in the December quarter and revenue gains from new business.
Revenue dropped 6.8% to $16.9 million for the period with earnings per share down 13%.
The company says it expects the interim dividend to be maintained at 50 cents a share.
Equity Trustees recorded a profit for the 12 months to June 30, 2009.
