Wide Bay Australia Ltd. reported unaudited consolidated earnings results for the six months ended December 31, 2012. For the period, the company reported net interest revenue of AUD 25,551,000 against AUD 27,418,000 a year ago. Total operating income was AUD 31,058,000 against AUD 33,976,000 a year ago. Profit before income tax was AUD 7,921,000 against AUD 12,441,000 a year ago. Profit from continuing operations was AUD 5,564,000 against AUD 8,773,000 a year ago. Profit attributable to owners of the parent entity was AUD 5,557,000 or 15.37 cents per basic and diluted share against AUD 8,733,000 or 24.57 cents per basic and diluted share a year ago. Net cash flows from operating activities were AUD 5,334,000 against AUD 7,624,000 a year ago. Purchase of non current assets was AUD 662,000 against AUD 750,000 a year ago. Also affecting this result for the company were one off amounts of approximately AUD 700,000 in relation to acquisition and adviser costs during the six months as the company was actively trying to grow the business through merger or acquisition. The loss in MRM, which significantly affected the profit result, was due to that business being in wind down mode following the transfer of the bulk of the mortgage insurance to QBE. The company announced the slowdown in the housing industry in Queensland, in particular following the natural disasters which had hit the State together with the consequent competitive environment for the business that was available, were the main contributing factors to this result. The company declared a fully franked interim dividend of 0.13 cents, which will be payable on March 28, 2013 and has also decided to withhold the DRP in respect of this dividend.

Wide Bay Australia Ltd. announced that they will report first half, 2013 results on Feb 25, 2013

Wide Bay Australia Ltd. has confirmed that Mr. Martin Barrett has commenced his role as Chief Executive Officer. Mr. Ron Hancock has now retired as Managing Director.