Eastland Group Financial Result 2011

31 May 2011

Eastland Group Limited Announces Financial Result for 12 Months Ending 31 March 2011

Eastland Group Limited today announced that its earnings for the year ending 31 March 2011 were a record net profit after tax of $8.0 million compared with $5.6 million the previous year.

Group chief executive Matt Todd says it's a fantastic result and one that underscores how well the group has done in challenging financial times.

Dividend distributions to Eastland Group’s 100% shareholder, the Eastland Community Trust, were $4.2 million dollars for the financial year, which was up from $4.0 million from the previous year.

In addition capital note interest of $2.6 million was paid to the Eastland Community Trust.

Revenue for the group was also up on the previous year from $61.9 million in 2010, to $73.2 million in the 2011 year, which resulted in the operational earnings (EBITDA) for the business growing considerably in the same period from $22.5 million to $31.3 million.

The operational result for all sectors and businesses was improved on the previous year.

Total assets have increased to $345 million, while equity grew from $122 million to $162 million.

Eastland Group is a Gisborne based national company, investing in and managing a targeted portfolio of businesses, with a focus on the energy and logistics sectors, in addition to holding some key regional assets, all of which must be capable of delivering value to its shareholders, customers and stakeholders.

A more detailed announcement will be made in conjunction with the Eastland Community Trust's end of year result and annual general meeting later in the year.

[ENDS]