PMA profit rises 50%
NZPA-AAP Perth The funds-managing firm, Pacific Mutual Australia, said product improvements and an expansion of its property investment base had contributed to a 50 per cent rise in annual net profit to sAustls.3 million (5NZ20.2M).
The directors recommended a fully franked final dividend of Aust 17c a share, making Aust2sc for the year, up from Austl9c previously. PMA, whose portfolio is spearheaded by the Armstrong Jones funds, said the profit increase for the 12 months to June 30 was struck on a 63% rise in sales to sAust4l.4M. The company entered the life assurance and superannuation business during the year, with the acquisition of Australian Manufacturers’ Life Assurance and expanded offshore into New Zealand and Malaysia, the PMA chief executive, Mr David Newby, said.
PMA was confident of maintaining growth, he said.
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Press, 26 September 1989, Page 21
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136PMA profit rises 50% Press, 26 September 1989, Page 21
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