WHSP cranks out 98.6 per cent profit leap
Publicly-listed investment company Washington H. Soul Pattinson has claimed validation of its diversified investment model after reporting a 98.6 per cent increase in net profit before irregular items to $224.7 million.
The company told the Australian Securities Exchange (ASX) today that net profit attributable to shareholders was $1.1 billion, which was more than 12 times that of the previous corresponding period.
Commenting on the result, WHSP chairman Robert Millner said it represented a clear endorsement of the company’s diversified investment methodology, which focuses on basic commodities such as building products, coal, equities, telecommunications, financial services and pharmaceutical stocks.
He said the market value of the listed investment portfolio, which includes controlled entities and associates, was $4 billion as at July 31, compared with $3.6 billion last year.
Drilling down on the company’s result, the biggest contribution to its bottom line came from its 60.7 per cent holding in the New Hope coal mine, which contributed a net profit of $1.2 billion to the group.
AUTHOR
Mike Taylor
Recommended for you
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver unpack the latest unemployment numbers and what they mean for a rate cut, as well as how the latest flare-up in the ongoing US–China trade dispute has highlighted the remaining disparity between gold and bitcoin.
In this episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver take a look at the unfolding impacts and potential economic ramifications of the US government shutdown and the surge in gold and bitcoin prices.
In the latest episode of Relative Return Insider, host Keith Ford and AMP chief economist, Dr Shane Oliver, discuss this week’s RBA interest rate decision, a potential government shutdown in the US, and a new property scheme aimed at first home buyers.
In the latest episode of Relative Return Insider, host Keith Ford and AMP chief economist Shane Oliver discuss the latest Australian CPI data and their impact on future interest rate decisions. If the RBA opts to cut rates again, how will this affect investor and consumer behaviour?
