Perpetual has reported an underling profit after tax of $62.1 million for the half-year ending 31 December 2014.
In a statement to the ASX, Perpetual chief executive and managing director Geoff Lloyd attributed the result, which was up 30 per cent, to the company’s growth strategy which included the launch of two new funds.
“During the half we were pleased to launch two new growth initiatives – Perpetual Equity Investment Company and the Perpetual Global Share Fund,” Mr Lloyd said.
“Raising over $250 million, our first listed investment company was the largest capital raising for a LIC since the global financial crisis.
"Our new global share fund received its first research house rating as well as earning the right to bring in-house our externally managed global equities funds,” he said.
Commenting further Mr Lloyd pointed out the integration of The Trust Company is ahead of schedule and expected to deliver $18 million to $20 million before tax.
Perpetual also reported a half-year profit of $60.3 million for its Perpetual Investments business which was up seven per cent on the previous corresponding period.
“The solid result was driven by positive net flows of $1.6 billion in the half and higher performance fees,” a statement from Perpetual said.
“The profit margin on revenue (calculated as profit before tax divided by revenue) in the first half of 2015 remains around 51 per cent,” it said.
The company also reported a half-year profit of 18.9 million for Perpetual Private business, and a 14.3 million half-year profit for its Perpetual Corporate Truste business.
The major bank has announced additional charges of $525 million after tax in connection with increased provisions for its customer-related r...
The Commonwealth Bank has advised that it will begin a reimbursement process to current and former staff for lost wages from next week. ...
The major banks have seen their reputations significantly downgraded in an annual perception survey, with AMP placing last out of 60 Austral...