IOOF revises profit forecast
Funds management group IOOF Holdings has revised its forecast underlying profit figure for the 2006/07 financial year and now expects to deliver a result in the range of $28 to $30 million.
The new anticipated underlying net profit after tax (UNPAT) represents an increase of over 20 per cent on the group’s net profits after tax (NPAT) of $23.3 million reported for the last financial year.
IOOF has upgraded its expected UNPAT figure in response to several recent outcomes, including sound cost control and investment market performance that has exceeded its budgeted levels.
Inflows via the organisation’s Pursuit platform, which was launched in November last year, have also been better than expected in the final half of the financial year.
IOOF has stipulated that the UNPAT will now differ from the NPAT that will be reported for 2006/07 by $4.9 million.
This discrepancy has arisen due to short-term costs stemming from IOOF’s move to acquire the remaining equity share of Perennial Investment Partners in October 2006.
The financial services firm anticipates this discrepancy will continue to reduce NPAT until the financial year of 2008/09, with the NPAT for 2007/08 already expected to be reduced by $4.8 million.
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