TIM advises the following re yr end 30/9/02TIMBERCORP LIMITED...

TIM advises the following re yr end 30/9/02

TIMBERCORP LIMITED 2002-12-13 ASX-SIGNAL-G

HOMEX - Melbourne

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Timbercorp Limited (ASX:TIM) today lodged its audited accounts for
the quarter ended 30 September 2002, to meet its statutory
requirements as it converts its financial year-end from June to
September.

Chief Executive Officer, Robert Hance, said: "The net profit of
$386,000 is in line with company expectations. As a one-off result,
this cannot be compared with any prior period and with new business
revenue heavily weighted to the June quarter, it does not provide a
meaningful indication as to the full year result ending 30 September
2003."

As such, new business revenue was $0.3 million matched against costs
of $2.8m, leaving a segment loss for the quarter of $2.5m. This was
in line with expectations for the September quarter of the company's
annual business cycle.

Annuity style revenue (income from medium to long-term contractual
arrangements) was $15.4 million for the three months with earnings
before interest and tax (EBIT) of $5.8 million.

Importantly, the Company is on track to increase annuity style
revenue to $60 million for the financial year ending 30 September
2003, a substantial increase on the $48 million earned for the
financial year ended June 2002.

The outlook for new business revenue for the September 2003 year
remains positive with the first of the company's projects due to be
released shortly. The company's distribution network is also set to
expand as compared to the previous two years.


For more information, please contact:

Timbercorp:
Robert Hance, CHIEF EXECUTIVE OFFICER, 03 8615 1200
Sol Rabinowicz, EXECUTIVE DIRECTOR 03 8685 1200
Mark Pryn, COMPANY SECRETARY, 03 8615 1244