WHSP reports NPAT increase
Diversified investment house, Washington H. Soul Pattinson has reported a net profit after tax (NPAT) of $149 million for the six months, an increase of 56.1 per cent on the $95 million from the previous corresponding year.
Regular profit after tax was $139.3 million for the half year, an increase of 66.7 per cent from $83.6 million for the previous corresponding period.
The firm attributed the net increase to higher regular contributions from six of its seven major strategic investments, including New Hope Corporation Limited (up 264.4 per cent) on the back of recovery in coal prices and its acquisition of an interest in Bengalla, TPG Telecom Limited (up 24.6 per cent) with all divisions performing strongly, particularly iiNet, and Brickworks Limited (up 31.1 per cent).
WHSP Chairman Rob Millner said: “We are pleased with these results. We have seen most of the companies that WHSP is invested in experience strong earnings growth over the half year period, contributing to the record regular profit of the group”.
“WHSP’s diversified portfolio continues to deliver reliable cash returns which enable it to provide increasing fully franked dividends to shareholders.”
The group’s net profit in non-regular items for the half year was $9.6 million, down from $11.8 million in 2016, mainly due to gains on the sale of equity investments by WHSP and recovery of rail access charges by New Hope.
Directors declared a fully franked interim dividend of 22 cents per share, an increase of 4.8 per cent over last year’s interim dividend of 21 cents per share.
WHSP managing director, Todd Barlow said: “We are always on the lookout for good quality investments at attractive prices which will provide income and capital growth for shareholders over the long term”.
“We have focused on the financial services thematic for some time and have made investments in Pengana Capital, Hunter Hall Global Value and Hunter Hall International in the past six months.”
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