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
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