Due to the successful implementation of the company’s expansion program, Australian Unity Limited has achieved a boost in profit after tax in the first half of the financial year.
The financial services, healthcare and retirement living company reported a profit after tax of $11.2 million for the half year to December 31, an increase from $5.9 million in the same period last financial year.
“We have invested in significant growth opportunities for the company,” Australian Unity group managing director Rohan Mead said.
“The ongoing expansion and planned diversification of our activities and improved investment markets have been the significant factors underpinning the group’s increased revenue compared to the corresponding period one year ago.'”
Revenue and other income for the half year was $585 million, an increase of 20.2 per cent compared to the same period last year.
Along with the benefits of less financial markets, the finalisation of Australian Unity’s merger of Lifeplan Building society with Big Sky Credit Union in March 2012 impacted the results.
“The first half of the 2013 financial year saw the full integration of Big Sky Building Society into the Australian Unity Group following the merger and we are now starting to see the benefits,” Mr Mead said.
Despite the profit surge, however, Australia Unity saw funds under management in its investments sector fall to $7.7 billion in the period, from $12.2 billion at June 20 last year.
Bonds and specialised products had a total of $1.9 billion in funds under management and administration at the end of the reporting period.
