Strathfield back in the black, expansion planned

By Patrick Avenell

SYDNEY, NSW: Strathfield Group Limited has today announced a modest profit from its operations for the 6 months leading up to 31 December 2009. Chairman Vaz Hovanessian described the results as “above expectations” following Strathfield’s emergence from administration and restructuring.

The key figures from the announcement are that profit before income tax is $2.925 million, operating revenue was $29.2 million, EBITDA was $5.4 million and EBIT was $3.1 million.

Due to the collapse of the previous Strathfield structure and the arduous restructuring process, comparing results against past performance is impossible. Hovanessian, however, was happy with the results despite the group not paying out any dividends.

“The turnaround in the performance of the company since it emerged from voluntary administration just over a year ago had been above expectations as seen by the net profit after tax result of $2.925 for the half year,” he said.

With this stability now in place, Hovanessian said expansion is now a goal, with particular emphasis on the Strathfield brand, which he believes has not been tarnished by the recent turmoil.

“With the administration behind us, management has been able to focus on rebuilding the core business of the company and to begin to look for opportunities to leverage off the iconic name of Strathfield,” he said.

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