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Preliminary Final Report

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

HOMEX - Melbourne                                                     

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DIVIDENDS    
                                          Full   Full    Half  Half
                                          year   year    year  year
                                        Sep 98  Sep 97  Sep 98 Mar 98
              
Dividend per ordinary share (cents) 
Interim (1)                               24      22    n/a     24 
Final (2)                                 28      26     28    n/a 

Ordinary share dividend ($M) 
Interim (1)                              366     329    n/a    366 
Final (2)                                431     392    431    n/a 
Bonus option plan                        (50)    (26)   (28)   (22) 
Total                                    747     695    403    344 
Dividend payout ratio (%) 
Before abnormal items                   67.8%   61.6%  78.4%  58.6% 
After abnormal items                    72.1%   70.4%  89.6%  58.6% 

(1) The Mar 1998 interim dividend of 24 cents was 60% franked (Mar 
    1997: fully franked)
(2) The Sep 1998 final dividend of 28 cents is 60% franked (Sep 1997:
    fully franked)

The directors propose that a final dividend of 28 cents per share be
paid on each fully paid ordinary share. The dividend will be
partially franked to 60% and the unfranked portion will be sourced
from the Company's foreign dividend account. As a result,
non-resident shareholders will be exempt from dividend withholding
tax.

The proposed final dividend will be formally declared on 23 November
1998 and will be payable on 21 December 1998 to shareholders
participate. Dividends payable to shareholders who are residents of
the United Kingdom or who are on the New Zealand register will be
converted to local currency at the appropriate rate for telegraphic
transfers on 20 November 1998.

DIVIDEND FRANKING ACCOUNT

The amount of franking credits available for the subsequent financial
year is nil, after adjusting for franking credits that will arise
from the payment of tax on Australian profits for the 1998 financial
year, less franking credits that will be utilised in franking the
proposed final dividend and franking credits that may not be
accessible by the Company at present.


EARNINGS PER SHARE
                                       Full     Full     Half    Half
                                       year     year     year    year
                                      Sep 98   Sep 97   Sep 98  Mar 98
Earnings per share (cents)
Basic
Before abnormal items                  77.2     78.4     35.9     41.3
After abnormal items                   72.6     68.6     31.3     41.3
Diluted
Before abnormal items                  76.9     78.2     35.8     41.1
After abnormal items                   72.4     68.4     31.3     41.1

Weighted average number of shares 
used in the calculation of basic 
earnings per share (millions)       1,522.9  1,492.9  1,531.6  1,514.2

Weighted average number of shares 
used in the calculation of diluted 
earnings per share (millions)       1,529.5  1,500.1  1,537.6  1,521.4


INVESTMENT SECURITIES
             
                                       As at    As at a  As at
                                       Sep 98   Sep 98   Sep 97
                                         $M      $M       $M

Total book value                       3,979    3,422    3,139    
Total market value                     3,971    3,431    3,149


NET LOANS AND ADVANCES
                                       As at    As at    As at        
                                       Sep 98   Mar 98   Sep 97
                                         $M       $M       $M


Total gross loans and advances (1)     96,677   90,496   85,624
Less: provisions for doubtful debts    (2,220)  (2,062)  (1,883)
Total net loans and advances           94,457   88,434   83,741

              
1 Net of income yet to mature


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