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Wide Bay confident of profit expectations, despite higher funding costs

by Staff Reporter8 minute read
The Adviser

Wide Bay Australia has confirmed expectations it will achieve a 12 per cent increase in net for profits for the financial year ending June 30 2008.

Managing director Ron Hancock admitted that the group had been exposed to higher funding costs but was able to recoup these losses through the introduction of higher interest rates.

The recent acquisition of Mackay Permanent Building Society (MPBS) is also expected to help contribute to the company’s forecasted $18.2 million net profit, which should please the 93 per cent of the group’s shareholders that accepted its ‘share plus cash’ offer.

“This is an excellent result to achieve such high acceptance levels and it reflects the confidence placed in Wide Bay by the MPBS shareholders and for the society’s continued growth and expansion throughout the area of Mackay Permanent’s operations,” said Mr Hancock.

Published: 07-04-08

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