The Trust Company's acquisition of The New Zealand Guardian Trust Company, in March, has transformed the business from one dominated by personal services to one deriving the majority of its earnings from corporate trustee services. Trust Company reported on its earnings for the half year to August yesterday. Net profit increased 16.5 per cent from A$5.5 million to $6.4 million, while earnings per share rose 15.8 per cent.  Cash flow from operations rose from $1.4 million to $4.2 million.Trust Company's chief executive, John Atkin, said the latest result was enhanced by the contribution from Guardian Trust.Of the company's two divisions, corporate services saw an increase in its contribution to earnings before tax, interest, depreciation and amortisation, which rose from $2.2 million to $4.7 million. Personal services EBITDA fell from $4.3 million to $3.5 million.The company's range of corporate services includes structured finance trustee services, real estate investment trustee services, property and infrastructure custody, and responsible entity services.In a statement, Atkin said: "On the corporate side, we are uniquely placed to take advantage of the growth in foreign investment and regional capital markets with the economic rise of the Asia-Pacific region. Our aspiration is to be the region's pre-eminent trustee.""We retain a market-leading position in managed investment trusts. A further 12 MITs were implemented in the first half."Trust Company claims to be the only trustee licensed in the three Asia-Pacific markets of Australia, New Zealand and Singapore.