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Australian Ethical projects 86% profit increase

Linda Santacruz
— 1 minute read

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.

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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.

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Australian Ethical projects 86% profit increase
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