Bell FG profit down 24 per cent
Bell Financial Group has reported $6.3 million in net profits for the six months to 30 June 2011 – down 24 per cent on the previous corresponding period.
The company announced its results on the Australian Securities Exchange, mainly attributing the profit loss to lower market movements, particularly in the second quarter.
However, there were also “one-off, non-cash losses associated with the disposal of legacy listed and unlisted options (held within Southern Cross Equities) previously received as part Equity Capital Market (ECM) fee income”.
Bell Financial Group’s member firm, Bell Potter, had recently taken unrestricted control of Southern Cross Equities and formally combined the two share broking businesses into the one Bell Potter brand.
Total consideration paid for the Southern Cross business would be around $70 million, consisting of approximately $40 million cash and 32 million Bell Financial Group’s shares, the company stated.
Despite the profit loss, ECM revenue improved from $10.5 million to $10.7 million, reflecting an increase in the number of completed mandates across all sectors.
The performance of the core operating business was also ahead of the previous corresponding businesses, according to the company announcement, which noted that “each of our wholly owned business units continued to trade profitably throughout what were difficult market conditions”.
Recommended for you
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to discuss Australia’s stagnating productivity ahead of the government’s economic reform roundtable, and how picking all the “low-hanging fruit” for reform in the ’90s helped kick off a surge that has since stalled out.
In this episode of Relative Return Insider, host Keith Ford is joined by Cyber Daily deputy editor David Hollingworth to take you inside the evolving landscape of cyber crime, how even huge companies can be at risk of breaches, and what that means for anyone trying to understand the risks.
The latest episode of Relative Return sees host Laura Dew chat with Richard Ivers and Mike Younger, co-portfolio managers at Prime Value Asset Management, on their newly launched Microcap Fund and opportunities in small and mid-cap shares.
In this week’s episode of Relative Return Insider, hosts Maja Garaca Djurdjevic and Keith Ford dive into the week's top news, from investors remaining blasé about tariff announcements to bitcoin surging and unemployment numbers.
