News

Eastland Group announces record financial result - 21% up on 2008

The Eastland Group today announced a record result since its inception in 2003 recording a $6.86 million after tax profit and a record return paid to the Eastland Community Trust of $5.55 million.

Results for the year ending March 31, 2009 saw revenue for the group close at $67.5 million compared with $54.9 million for the previous year, while operating income (EBIT) rose from $15.04 million to $16.7 million over the same period.
The net profit of $6.86 million compared to $5.68 million for the previous year is an increase of 21% .In addition, the group's total assets increased from $230 million to $252 million.
All four operating sectors of the business delivered a positive return which contributed to what can only be described as an extremely pleasing result given the economic pressures faced in all markets.
The logistics sector, which includes the port, produced an operating income of $2.96 million, the energy sector operating income of $13.02 million, aviation $0.57 million and the commercial property sector $0.95 million. This was offset by unallocated costs within the shared services management sector of $0.82 million.
Eastland Group chairman Arthur Muldoon says "It is a very positive result in the current economic environment and to deliver significant earnings growth despite the recessionary pressure we have experienced over the second half of the year is very pleasing".
During the year the Eastland Group paid a dividend to its shareholder the Eastland Community Trust of $3.8 million dollars as well as interest on capital notes of $1.75 million.