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Platinum Capital has updated and upgraded its profit outlook for the half-year ended December 31, 2009.
The company has announced to the Australian Securities Exchange (ASX) that it is anticipating reporting an operating profit before tax for the half-year of between $19 million and $25 million, after reporting a profit of just $12.1 million for the previous corresponding period.
The company noted in its ASX announcement the manner in which, under the conventions of International Accounting Standards, realised profits and losses were added to or reduced by changes in the market value of the company’s total assets.
It said with respect to investment companies operating in volatile markets, this could lead to large variations in reported profits and that net asset value was a more appropriate measure.
Platinum said it expected to announce its final half-year result on February 11.
