Western Financial earnings up 104.4% in first-half 2004

Alberta-based broker network and bank Western Financial Group (TSX: WES) saw its earnings rise 104.4% in the first half of 2004, up to $2.0 million from $957,000 in the first six months of 2003. Earnings per share were up to $0.09 from $0.05, an 80% increase, over the same comparative period.Revenue for the first half of 2004 was up 22.9% to $19.6 million from $16.0 million the year prior.While the group’s banking operation posted a $491,000 loss for the first half of this year, while corporate operations also posted a loss amounting to $1.1 million. However, the core broker business posted $5.5 million in pre-tax earnings, up from $4.1 million the year prior.For the second quarter ending June 30, 2004, the company posted net income of $1.2 million, a 40.6% increase over the $834,000 in earnings posted the year prior. However, earnings per share dropped to $0.05 from $0.06 during the same comparative period. Revenue increased 16.3% to $10.7 million for the second quarter of this year, up from $9.2 million in the second quarter of 2003. Again the growth came from the company’s core business, which saw earnings rise to $3.6 million from $2.9 million a year prior.The company says it is ahead of plan for the year.