Platinum AM posts lower revenue

The challenging investment market in the second half of last year saw Platinum Asset Management’s total revenue down by close to 30 per cent decrease (28.5 per cent) compared to the previous corresponding period.

The company also saw a decline in overall profits attributable to owners of 26.7 per cent to $74.9 million, counting year-on-year. In the market announcement issue to the Australian Securities Exchange (ASX) platinum said it was mainly due to the challenging equity markets in the half-year which caused the company to both record an unrealised loss on its seed investments and generate little in the way of absolute return related performance fee income.

“While both these items detracted from the half-year profit, they remain important long-term contributors to the company’s profits,” the firm said in the statement.

Related News:

At the same time, profit from ordinary activities after income tax was 38 per cent down to $65.2 million.

The underlying funds management business proved resilient with management fees increasing by 2.5 per cent for the half-year when compared to the previous corresponding period. And it was assisted by a positive mix shift in funds under management (FUM) towards retail.

The board declared dividend of 13 cents per share fully-franked compared to 16 cents per share fully-franked for the half-year ended 31 December, 2017.




Related Content

Consumers left vulnerable over lack of financial literacy

Consumer research released by the Financial Services Institute of Australasia (FINSIA) has uncovered an imbalance of financial knowledge and a high le...Read more

Former Financial Wisdom advisor banned by ASIC

Victorian financial advisor Anneliese Ada Willmott has been banned from providing financial services by the Australian Securities and Investments Comm...Read more

Planning/accounting convergence predicted in post-RC world

Market trends will inevitably force greater convergence between financial advice and accounting practices, with advisers adopting modes of behaviour a...Read more

Author

Comments

Add new comment