The Rock Building Society may prove a handy acquisition for MyState Financial, with the former producing a net profit of A$6.2 million in the December 2011 half-year, three times the level of profit reported by The Rock in either of the corresponding halves in 2009 and 2010.This improvement is largely the work of the previous board and management, with the last task in their overhaul of what was a troubled franchise being to find a buyer for the Rockhampton-based business.MyState, based in Tasmania, acquired The Rock at the beginning of December 2011 at a multiple of 1.36 times net assets, based on provisional estimates included in the financial statements of MyState.Profits for MyState for the half-year fell to $11.2 million, from $11.6 million in the December 2010 half, with the fall being due to merger costs of $1.8 million.MyState put its underlying profit for the period at $13 million, a rise of 12 per cent on the prior period. Final acquisition accounting is yet to be reviewed, with one asset likely to require a write-off: the $9 million invested by The Rock in a core banking platform.