Hyperion reports significant profit drop
Investment house Hyperion Flagship Investments has reported a significant profit reverse for the second half of last year. Profit after tax and after realised losses on long-term investments was down 158.5 per cent to $1,009,000, according to the results.
In the report to shareholders, released to the Australian Securities Exchange (ASX), Hyperion also recorded a net loss for the six months to December attributable to shareholders down 158.5 per cent to $1,009,000.
The results also showed an investment portfolio decline of 19.7 per cent for the second half of 2008, compared to the All Ordinaries Index decline of 31.4 per cent.
The company said there has been “continued growth in the dividend receipts” from their investment companies, reporting an interim dividend, to which the Dividend Reinvestment Plan will apply, of 4.25 cents per share fully franked. The dividend is unchanged from the previous corresponding period.
Other revenue, specifically dividends and interest, saw an increase of 16.5 per cent, bringing it to a total of $898,000.
Despite the disappointing half-year results and difficult economic conditions, Hyperion has projected its highest five-year expected return from the portfolio. The company said it would be focusing on “high quality companies with earnings certainty, low levels of debt and sustainable competitive advantages”, making the portfolio “well positioned to generate strong returns over a three to five year horizon”.
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