Preliminary Final Report

Document date:  Wed 04 Nov 1998
Published:  Wed 04 Nov 1998 00:00:00
Document No:  142712
Document part:  P
Market Flag:  Y
Classification:  

HOMEX - Melbourne                                                     

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ABNORMAL ITEMS
                         Full     Full     Movt      Half     Half
                         year     year    Sep 98     year     year
                        Sep 98   Sep 97  v. Sep 97  Sep 98   Mar 98
                         $M        $M       %         $M       $M

Profit before tax

Interest on National 
Housing Bank deposit       -      145      -100%       -        -
                           -      145      -100%       -        -

Loss before tax
Restructuring costs        -     (327)     -100%       -        -

Costs of exiting businesses
Restructuring            (32)       -       n/a      (32)       -

Write down of residual emerging markets
securities portfolio (previously classified
as investment)           (70)       -       n/a      (70)       -

                        (102)    (327)      n/a     (102)       -

Total abnormal 
loss before tax         (102)    (182)      -44%    (102)       -

Income tax benefit(expense) 
applicable to Interest 
on National Housing 
Bank deposit               -      (80)     -100%       -        -

Restructuring costs        -      115      -100%       -        -

Costs of exiting businesses
Restructuring             11        -        n/a      11        -   
  
Write down of residual emerging markets
securities portfolio (previously classified
as investment)            22        -        n/a      22        -

Total income tax benefit 
on abnormal items         33       35        -6%      33        -

Abnormal loss after tax  (69)    (147)      -53%     (69)       -

INCOME TAX EXPENSE

Reconciliation of the prima facie income tax payable on operating 
profit and abnormal items with the income tax expense charged in the 
profit and loss account.

                         Full     Full     Movt      Half     Half
                         year     year    Sep 98     year     year
                        Sep 98   Sep 97  v. Sep 97  Sep 98   Mar 98
                         $M        $M       %         $M       $M

Operating profit before income tax and
abnormal items         1,721    1,645         5%      794      927

Prima facie income 
tax at 36%               620      593         5%      286      334

Tax effect of permanent differences
Overseas tax rate 
differential              14       12        17%       10        4

Rebateable and 
non-assessable dividends (55)    (117)      -53%      (29)     (26)

Other non-assessable
income                   (45)     (25)       80%      (31)     (14)

Non-allowable depreciation 
and amortisation           -        3      -100%        -        -

Other                      3       10       n/a         1        2
                         537      476        13%      237      300

Income tax (over) under 
provided in prior years    -      (10)     -100%        2       (2)

Total income tax expense 
on operating profit
before abnormal items    537      466        15%      239      298

Abnormal items

Prima facie income tax 
benefit at 36%           (37)     (65)      -43%      (37)       -

Tax effect of permanent differences
Overseas tax rate 
differential               4       30       -87%        4        -

Total income tax benefit 
on abnormal items        (33)     (35)       -6%      (33)       -

Total income tax expense 
on operating profit
after abnormal items     504      431        17%      206      298

Australia                305      118       158%      156      149

Overseas                 199      313       -36%       50      149
                         504      431        17%      206      298

Effective tax rate

- before abnormal items 31.2%    28.3%       n/a     30.1%    32.1%
- after abnormal items  31.1%    29.5%       n/a     29.8%    32.1%



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