RTRS - Guinness Peat expects strong full yr .
SYDNEY 1996-08-28
British-based investment company Guinness Peat Group Plc ( GPG ) said on Wednesday it expected a strong full year result .
" We think we 're in a position to produce a strong result , however a lot of our profitability must inevitably depend on a number of ( company ) results , " said GPG director Garry Weiss .
GPG earlier said its net profit for the six months to June 30 rose to 9.77 million pounds from 6.93 million in the previous first half .
The company did not declare an interim dividend as in the previous year .
Weiss said the Australian share market had been somewhat negative for much of 1996 and this had some effect on the company 's first half results .
" However , it certainly is a very pleasing result for the first six months , " he said .
Weiss said most of the company 's half year earning stemmed from the sale of its 50 percent stake in Physicians Insurance Co of Ohio .
He said the company decided to sell its U.S. investment in order to consolidate investments closer to its administrative base .
GPG said its stakes in Tyndall Australia Ltd and Mid-East Minerals Ltd both contributed strongly to GPG 's first half earnings .
-- Sydney Newsroom 61-2 9373-1800