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.
AUTHOR
Benjamin Levy
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