fy08 net profit drops 54.9pc to 19.79m

Sydney - Wednesday - August 27: (RWE Aust Business News) - Allco
Equity Partners (ASX:AEP) reported a net profit of $19.79 million for the
year to June 30 2008, down 54.9 per cent compared with $43.87m in FY07.
Revenue was $91.31m against $98.71m.
A fully franked final dividend of 6c is payable on 30th
October with record date 12th September.
Interest income earned on funds held on interest bearing deposit
with banking institutions of $20.5m compared with $16.3m previously.
Net arrangement fees, underwriting fees and interest income of
$11.9m was recognised on consolidation for providing funding to IBA
Health (ASX:IBA) for the iSOFT plc acquisition.
An equity accounted contribution of $2m was from Baycorp and an
equity accounted contribution of $7.1m came from the interest held in IBA
Health for the period 31st October 2007 to 30th June 2008.
A net loss after tax of $8m was realised from holding derivative
financial instruments over strategic interests accumulated whilst
assessing potential opportunities.

Board changes
Effective from today, the board has been restructured so that it
has a majority of non-executive directors. a majority of directors
independent of the manager and one of those independent directors will
act as independent non-executive chairman.
To achieve this, David Coe has agreed to stand down as one of the
Allco appointed directors and Ian Tsicalas will be appointed as the
independent chairman.