(February 11 2005 – Australia) Australian financial services company City Pacific Ltd has flagged a full year net profit of A$73.5 million – a 68 percent increase on the 2003/04 result.City Pacific chief executive Phil Sullivan said the result would be based on A$115 million in revenue from the company’s various subsidiaries.
“Our core business of financial services continues to underpin the company as we diversify City Pacific’s revenue streams,” he said.
“We are seeing a second and important driver come through profits from our associates and subsidiary companies which are now starting to make a significant contribution to our result,” Sullivan said.
City Pacific has a 55 percent stake in listed development company CP1 Ltd, project finance company Indigo Pacific and financial services company Terrain Australia.
Sullivan said the company’s strategy to diversify its revenue streams over the past two years was having a marked impact on its results.