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.
