Wilson HTM reports interim $3.3 million loss
Wilson HTM Investment Group has reported a net loss after tax of $3.3 million for the six months to 31 December 2011.
The corresponding first half of the 2010-11 financial year saw the group record a net profit after tax of $2.7 million.
In an announcement to the Australian Securities Exchange this morning, Wilson HTM said weaker market conditions "negatively impacted corporate revenues, broking volumes and the value of principal investments".
The biggest hit came from the business investment segment, which lost $5 million before tax due to the poor market conditions, according to Wilson HTM. The wealth management division of the business contributed a $100,000 profit, before tax.
Net revenue for the first half of the 2011-12 financial year was $35.5 million - down $11.7 million from the corresponding period in the 2010-11 financial year.
Net tangible assets as of 31 December 2011 were $51.7 million, and total funds under management were $10.9 billion.
The directors of Wilson HTM have resolved not to pay an interim dividend.
Recommended for you
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
Betashares has named the top Australian suburbs with the highest spare cash flow, shining a light on where financial advisers could eye out potential clients.
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
