treasury turnaround

Treasury turnaround
By Fleur Leyden
February 17 2003





Fund manager Treasury Group has attributed a solid half-year profit turnaround to a strong inflow of funds under management.

It booked a net profit attributable to members of $431,329 for the six months ending December, compared with a $16,683 loss for the previous corresponding period.

Revenue increased from $1,990,847 to $5,112,343, while basic earnings per share rose from a loss of 0.13c per share to a profit of 3c per share.

Treasury Group chairman Lee Iafrate said on Friday that funds under management as at December 31 last year had almost doubled from the previous first half to $1.52 billion.

"This growth is beginning to be reflected in net company earnings and we expect to report a significantly higher second-half result," Mr Iafrate said.


The company's Investors Mutual fund grew assets under management to $1.48 billion at the end of December, up from $900 million in June last year, thanks to retail and master-fund sources.