forecasts 2004 profit increase of 50%

http://stocknessmonster.com/news-item?T=Q4G6NBdwxVp9Cf6d2DrQmB&E=ASX&S=TIM&N=221231

Timbercorp Limited ABN 87 055 185 067 ASX

Announcement Timbercorp forecasts 2004 profit increase of 50% on record project revenues Board declares 2cps interim dividend Melbourne, 1 July 2004:

Leading agribusiness investment manager, Timbercorp Limited (ASX code: TIM), has forecast a 50% increase in net profit after tax to more than $40 million for the year to 30 September 2004.

This represents earnings per share of around 17 cents, up from 11.1 cents last year. The increased profit will be driven by the company’s highest ever project revenues of more than $162m (up from $112m in 2003).

Timbercorp’s record project revenues will be based on continuing growth in:
• recurring contractual revenues from past projects (annuity style revenues) of more than $85m (up from $65.4m in 2003); and
• new sales revenues of $77m for the nine months to 30 June 2004 (up from $55m over the same period in 2003).

The 2004 sales will contribute to further growth in annuity style revenues to more than $110m in 2005. Timbercorp Chief Executive Officer Robert Hance said the Board had reintroduced an interim dividend due to the increased level of earnings growth.

The Board has declared an interim dividend of two cents per share fully franked with a record date of 16 August 2004 and payment on 31 August 2004.

Mr. Hance said Timbercorp’s new sales revenue had been boosted by strong growth in its distribution network during the past nine months and the inclusion of several Timbercorp projects on approved product investment lists by large dealer groups.

Having achieved a “sell out’ of all six projects in 2004, he said Timbercorp was now focused on bringing increased project offerings to the market next year".

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Thanks Alpha,

Gerry