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
A hiring spree is expected in private markets with 90 per cent of firms expecting to maintain or increase their headcount over the next 12 months, according to Preqin.
Abrdn Investments has hired a new global chief executive as Rene Buehlmann steps down after less than two years, it also announced a new senior leadership structure.
Having received bids from Bell Financial Group and AxiCorp, trading platform Selfwealth has confirmed it has entered into a scheme implementation deed after both parties were invited to make a higher bid.
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
