Rivkin profits but litigation continues
Rivkin Financial Services (RFS) has posted an increase in net profit of 193 per cent for the year ending June 30, 2004, despite suffering a 69 per cent slump in revenue from the group’s reduced share trading activities.
The group attributes its profit in part to its stockbroking subsidiary, Rivkin Discount Stockbroking, and says it will now seek opportunities to obtain additional “core” holdings with a longer term view.
“The group will continue to trade securities for short-term profit when the opportunity occurs,” RFS informed the Australian Stock Exchange (ASX) this morning.
Net profit rose from $1.32 million last financial year to $3.89 million, with the group stating its decision to convert most of its share trading portfolio into cash.
The preliminary final report, lodged this morning with the ASX by chairman Andrew Davis, is a minor positive reprise from the group’s ongoing litigation against West Australian corporate raider Farooq Khan’s companies Softcom, Altera Capital and Fast Scout, as the two sides battle for control of the group formerly spearheaded by disgraced stockbroker Rene Rivkin.
The Court proceedings commenced by RFS against Khan’s groups will continue on October 25, 2004.
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the RBA’s decision to keep the cash rate on hold in the face of rising inflation and whether the governor’s hawkish tone is a sign of things to come.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver discuss the September quarter GDP figures, which show Australia’s economy regaining momentum.
In this new episode of The Manager Mix, host Laura Dew speaks to Haley Devine, head of wealth management at MaxCap Group, to delve into private credit and commercial real estate.
In this new episode of The Manager Mix, host Laura Dew speaks to Benjamin Leung, head of systematic investments at Macquarie Asset Management, to understand the use of systematic investments.
