Australian Ethical Investment has projected an 86 per cent increase in its net profit after tax, thanks to strong growth in funds under management.
In a statement, the company said it expects its net profit after tax for the 12 months to 30 June 2016 to be between $3.47 million and $3.84 million, up 86 per cent from last year’s $1.97 million.
The rise is due to strong growth in FUM, which increased by 31 per cent to $1.53 billion between 1 July 2015 and 17 May 2016. The growth in FUM was a result of both the increase in market values and strong flows to Australian Ethical’s products, the statement said.
At the same time, the company reported its net flows for the 12 months to 30 June 2016 are expected to be around $300 million, 67 per cent higher than last year. Total expenses are estimated to be 1 per cent higher.
Underlying profit after tax (UPAT) is set to “be the same as NPAT”, the statement said, with no adjustments for the period. Last year’s UPAT was $2.45 million.
The projected results are based on unaudited accounts for the end of April 2016. More information will be provided in the official August 2016 announcement, the statement said.
Perpetual Private Investment Research Team (PPIRT) has for the second year running won the category for Best Multi Strategy Fund at last wee...
Superfund-owned bank ME has shelved plans to launch new credit cards after witnessing the success of “buy now, pay later” players like A...
Life insurance provider MetLife Australia has released a new report revealing a disconnect between perceptions of cost and value when it com...