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Super upgrade impacts EQT result
Equity Trustees has pointed to upgrading and repositioning of its superannuation master trust business as being one of the factors impacting its profit for the six months to 31 December, 2015.
Releasing a preliminary half-year result to the Australian Securities Exchange (ASX), Equity Trustees said that the changes to its superannuation master trust business also included the outsourcing of its administration.
The company's announcement forecast an operating profit before tax in the range of $13.7 million to $14.2 million for the six months to 31 December, 2015.
It said that the anticipated profit compared with a $13.5 million operating profit before tax in the prior corresponding period and reflected a four per cent growth in revenue, "notwithstanding the negative impact of lower equity markets".
The announcement said the statutory net profit after tax for the period was anticipated to be in the range of $6.5 million to $7 million and this compared to $7.6 million for the prior comparable period.
The announcement noted that the company's annual general meeting in November had been told of a number of substantial one-off projects, the amortisation of intangible assets, and tax as the reasons for the difference between the first half operating profit, and the statutory net profit after tax.
It said the projects included a Scheme of Arrangement approved by shareholders, significant work underway to review and enhance the risk management, regulatory and compliance framework, and the upgrading and repositioning of the firm's superannuation master trust business including outsourcing its administration.
"It is expected that these projects, which firmly support our overall strategic direction and strengthen the business for the future, will be substantially completed this financial year," the announcement said.
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