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Residential property specialist Blue Chip Financial Solutions has released a financial result showing a 56 per cent drop in net profit from $7 million to $3 million.
The company this week provided the Australian Stock Exchange with a new report for the nine months to September last year. The report replaced the half-year report lodged on November 30 last year, Blue Chip said.
In the half-year to June 2006, Blue Chip made a net after-tax profit of $7,034,000. But in the nine months to September 30, 2007, Blue Chip made just $3,065,000.
Total revenue between the two periods fell from $137 million to $134 million.
Julian Grosse, Blue Chip's chairman, said the company had demonstrated a highly significant turnaround in position from the six months to June last year when it reported a loss of $2.5 million.
The New Zealand master franchise under the leadership of Neil Bell had already supplied royalty fees of more than $6 million to Blue Chip Financial Solutions, Grosse said.
