Perpetual predicts profit impact in first half
Perpetual Limited has reported an 11 per cent decline in net profit after tax to $87.6 million for the half year to December 31, despite a 19 per cent increase in operating profit before tax to $114.2 million.
At the same time, the company has warned that its revenue and profit will be impacted by recent volatility and fluctuations in the Australian equities market.
The company told the Australian Securities Exchange that its operating profit after tax was $79.3 million, representing a 15 per cent increase on the prior corresponding period.
However, the operating profit after tax excluded a $21.1 million profit after tax from the sale of a portion of its investment portfolio and $12.8 million of losses after tax relating to the Exact Market Cash Fund product.
It said on that basis net profit after tax was down 11 per cent.
Importantly, the company’s results showed that Perpetual Private Clients’ operating profit before tax increased 24 per cent to 22.2 million.
Commenting on the result and the outlook, Perpetual managing director and chief executive David Deverall said that while Perpetual’s investment management style typically performed well relative to its competitors in this environment, the recent fluctuations in the Australian equities market would impact revenue and profit to June 30, 2008.
Recommended for you
In this week’s episode of Relative Return Unplugged, AMP chief economist Shane Oliver joins the show to unravel the web of tariffs that US President Donald Trump launched on trading partners and take a look at the way global economies are likely to be impacted.
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.