08 July 2003 12:00am

The Rothschild group recovered profitability in Australia in the year to March 2003, reversing some of the credit losses that sent the bank into the red in 2002. Financial statements for NM Rothschild Australia Holdings Pty Limited show the group recorded:

• a pre tax profit of $21.6 million in the year to March 2003, compared with a loss of $6.4 million in the year to March 2002.

• net profit increased to $19.4 million in March 2003, from a net profit of $1.6 million in March 2002.

• the group re-credited $5.4 million to the P&L from...