TIM 0.00% 4.4¢ timbercorp limited

annuity style rev growing

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    TIM advises the following re yr end 30/9/02


    HOMEX - Melbourne

    Timbercorp Limited (ASX:TIM) today lodged its audited accounts for
    the quarter ended 30 September 2002, to meet its statutory
    requirements as it converts its financial year-end from June to

    Chief Executive Officer, Robert Hance, said: "The net profit of
    $386,000 is in line with company expectations. As a one-off result,
    this cannot be compared with any prior period and with new business
    revenue heavily weighted to the June quarter, it does not provide a
    meaningful indication as to the full year result ending 30 September

    As such, new business revenue was $0.3 million matched against costs
    of $2.8m, leaving a segment loss for the quarter of $2.5m. This was
    in line with expectations for the September quarter of the company's
    annual business cycle.

    Annuity style revenue (income from medium to long-term contractual
    arrangements) was $15.4 million for the three months with earnings
    before interest and tax (EBIT) of $5.8 million.

    Importantly, the Company is on track to increase annuity style
    revenue to $60 million for the financial year ending 30 September
    2003, a substantial increase on the $48 million earned for the
    financial year ended June 2002.

    The outlook for new business revenue for the September 2003 year
    remains positive with the first of the company's projects due to be
    released shortly. The company's distribution network is also set to
    expand as compared to the previous two years.

    For more information, please contact:

    Robert Hance, CHIEF EXECUTIVE OFFICER, 03 8615 1200
    Sol Rabinowicz, EXECUTIVE DIRECTOR 03 8685 1200
    Mark Pryn, COMPANY SECRETARY, 03 8615 1244

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