Eastland Profit Down

Date published: June 19, 2012 at 9:32 am | Comments

An organisation which recently bought a geothermal plant in Kawerau has seen a decrease in its yearly profit.

Eastland Group Limited has announced its financial result for the year ending March 2012, with an after tax profit of $5.3 million.

This is down on last year’s, $8 million, mainly due to non cash end of year adjustments required under New Zealand International Financial Reporting Standards.

Dividend distributions to the company’s 100% shareholder Eastland Community Trust were at $4.4 million compared to $4.2 million last year.

Group chief executive, Matt Todd says overall it’s a good result, and while the headline profit number is down, the underlying fundamentals of business are strong.

Revenue for Eastland Group Limited was up on the previous financial year from $72.9 to $76.2 million.

Total assets have also increased to $354 million, with equity growing to $164 million.

Source: 1XX