Fiducian in the black despite profit fall
Fiducian Portfolio Services has reported a profit of $3.3 million for its 2008-09 financial year results, despite a fall in operating revenue of 23 per cent.
The fall in revenue was mainly the consequence of equity and property market devaluations over the financial year.
Fiducian's profit dropped by nearly half compared to the previous financial year, falling from $6.2 million in 2007-08. Platform funds under administration fell by 21.4 per cent to $984 million as a result of equity market falls. Operating costs increased by 1.4 per cent over the same period.
Fiducian's net cash flow fell to $3.18 million, compared to $6 million in the 2007-08 financial year.
Managing director Indy Singh said Fiducian expected its funds under management and administration to grow and the economic outlook to improve.
Recommended for you
In the latest episode of Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s Shane Oliver break down US and Australian rate cuts, soaring gold, and bitcoin’s volatility.
In the latest episode of the Relative Return Insider, host Maja Garaca Djurdjevic and AMP’s chief economist Shane Oliver unpack the surprising twists in the Australian economy, diving into the latest GDP numbers, what’s really driving consumer spending, and what it all means for the Reserve Bank’s next moves.
In this episode of Relative Return, host Laura Dew chats with Roy Keenan, co-head of fixed income at Yarra Capital Management, to discuss the evolving fixed income asset class, his sector preferences, and the RBA’s rate-cutting policy.
In this week’s episode of Relative Return Insider, AMP chief economist Shane Oliver joins the show to dissect the ongoing government economic reform roundtable and reflect on the wish lists of industry stakeholders – and whether there is hope for meaningful reform.
