Perpetual LIC first half profit up 76%

Perpetual LIC first half profit up 76%

The Perpetual Equity Investment Company has reported a net profit after tax of $22.7 million for the six months to 31 December 2016.

Perpetual announced an increased profit and dividend for the Perpetual Equity Investment Company (PIC) in the first half of the 2016-17 financial year.

The LIC’s net profit after tax ($22.7 million) was up 76 per cent on the prior corresponding period.

When it came to portfolio performance, PIC returned investors 11.2 per cent for the six-month period, outperforming its benchmark by 0.8 per cent.

PIC portfolio manager Vince Pezzullo said the company has taken advantage of buying opportunities created by market volatility.

We will remain patient and maintain our focus on identifying quality companies that can deliver strong returns for the portfolio, with the objective of providing shareholders with a growing income stream and long- term capital growth, Mr Pezzullo said. 

As at 31 December 2016, PIC held 67 per cent in Australian securities, 14 per cent in global securities and 19 per cent in cash.

The company’s board announced an interim fully franked dividend of 2.2 per cents per share, representing a 175 per cent increase on the previous first half.

A dividend reinvestment plan has been made available for shareholders for the interim dividend. It will operate at a 2.5 per cent discount.

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Perpetual LIC first half profit up 76%
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