Australian Ethical’s NPAT up
Australian Ethical Investment has advised that its net profit after tax (NPAT) for the six months ending 31 December, 2017 is expected to increase by 245.8 per cent (mid-point increase) due to “a lower than otherwise NPAT for the prior corresponding period.”
The company said that the prior corresponding period was affected by the remediation and project costs related to unit pricing errors in respect of its superannuation fund.
At the end of December, both the NPAT and its underlying profit after tax (UPAT) were expected to be between $1.6 million and $2.3 million, with UPAT representing a mid-point decrease of 14.5 per cent.
The decrease in forecast UPAT was due to an increase in staff costs with a number of key operational, risk and compliance and sales and marketing roles being progressively filled throughout 2017 financial year and first half of 2018, the company said.
The earning guidance was based on unaudited management accounts to the end of September 2017.
AUTHOR
Oksana Patron
Recommended for you
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
Prime Financial Group has expanded its reach into wealth management by over 3,000 investors with a binding agreement to acquire investment research and fund management business Lincoln Indicators.
Private markets secondaries specialist Coller Capital has appointed an Australian and New Zealand director who will work closely with private wealth managers and family offices.
