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.
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