Preliminary Final Report

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

HOMEX - Melbourne                                                     

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


Interest income        9,499    9,455       0%      4,758     4,741
Other operating income
Fee income           
Lending                  592      570       4%        306       286
Other including 
commissions              914      823      11%        460       454
Other income
Foreign exchange 
earnings                 373      237      57%        177       196
(Loss)profit on trading 
instruments              (83)     182      n/a       (145)       62
Life insurance fund 
surplus                   38       94     -60%         16        22
Rental income             34       35      -3%         17        17
Profit on sale of 
premises                                                            
and equipment             18        5    large         14        4
Other                    213      164      30%        126       87

Total other income       593      717     -17%        205      388
Total other operating
income                 2,099    2,110      -1%        971     1,128
Total income before 
abnormal items        11,598   11,565       0%      5,729     5,869
Abnormal (loss)
profit                   (70)     145      n/a        (70)        -
Total income after 
abnormal items 2      11,528   11,710      -2%      5,659     5,869
           
(1) Includes dividend income of$152 million (Half-year Sep 98:$81 
million, Half-year Mar 98: $71 million, Full year Sep 97:$327 million)
           
(2) Refer page 44 for a geographic analysis of income


OPERATING EXPENSES
                      Full     Full       Movt      Half     Half
                      year     year      Sep 98     year     Year 97 
                      Sep 98   Sep 97  v.Sep 97    Sep 98    Mar 98
                        $M       $M        %          $M      $M
            
Operating expenses
Personnel
Salaries and wages    1,427    1,453      -2%         693     734
Pension fund             88      114      -23%         31      57     
Employee taxes
Payroll tax              69       76      - 9%         33     36
Fringe benefits 
entitlements             29       19       53%         22      7
Other                   197      241      -18%         79    118
Total personnel 
expenses              1,854    1,949       -5%        882    972
Premises             
buildings                30       31       -3%         14     16
Amortisation of 
leasehold 
improvements             16       16        0%          8      8
Utilities and other 
outgoings               113      115       -2%         57     56
Other                     7       11      -36%          5      2
Total premises 
expenses                347      362       -4%        175    172
Computer          
Depreciation             93       98       -5%         49     44
Rentals and repairs      53       50        6%         28     25
Data communications      47       45        4%         24     23
Computer contractors     46       26       77%         27     19
Other                   102      111        8%         45     57
Total computer 
expenses                341      330        3%        173    168
Other              
Telephone                99       85       16%         52     47
Travel                   90       87        3%         45     45
Advertising and public 
Stationery               66       71       -7%         31     35
Postage                  43       41        5%         22     21
Audit fees                4        6      -33%          2      2
Freight and cartage      40       42      - 5%         20     20
Non-lending losses, 
frauds and forgeries     15        2     large         10      5
Depreciation of furniture 
and equipment            49       52       -6%         25     24
Loss on disposal of 
premises and equipment    8        7       14%          8      -
Other                   167      185      -10%         78     89
Total other expenses    776      771        1%        391    385
Restructuring(1)        120       90       33%         80     40
Total operating 
expenses              3,438    3,502       -2%      1,701  1,737
             
(1) Additional restructuring costs of $32 million (1997: $327 
million) were treated as abnormal


OPERATING EXPENSES (continued)

Total operating expenses by geographic segmentation

                          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

Australia                 2,288     2,360      -3%    1,112    1,176
New Zealand                 511       560      -9%      244      267
Principal domestic 
markets                   2,799     2,920      -4%    1,356    1,443
International 
markets                     639       582      10%      345      294
Total Group               3,438     3,502      -2%    1,701    1,737



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