The company recorded a $58.8 million NPAT as of 30 June 2013, a strong improvement over the 2012 loss of $17 million, as a result of an improved market conditions.
Platinum chairman Bruce Phillips said in a statement to the Australian Securities Exchange that the improved result shows the opportunities that exist for “patient investors”.
“I am pleased to report that Platinum Capital Limited has had an outstanding year, resulting from a recovery in global equity markets and the strong outperformance by the investment manager against both Australian and international benchmarks,” Mr Phillips said.
“Perhaps most pleasing was that total shareholder return measured in terms of company share price plus dividend paid was 52.33 per cent for the 12 months to 30 June 2013.
“This strong short-term performance made a useful contribution to our very satisfactory long-term and medium-term performance against both the World Index and the Australian Index.”
Platinum’s net asset value (NAV) increased by 42 per cent over the year to $1.51 per share.
Mr Phillips noted that as a result of changes in market value amending the value of company assets, Platinum’s NAV adjusted for dividend is a more appropriate measure of performance.
Platinum said the next financial year will continue to provide opportunities for investors.
“After some strong runs it is possible that investors cool over the northern summer and fret about the speed of the growth in China, the social resistance to change in Europe, notably France, and the sustainability of profits from sectors that have been market favourites for some while,” the Platinum 2013 annual report said.
“We believe these will be mere distractions and should be seen as offering opportunities to buy fine businesses.”
Due to its positive earnings, shareholders will receive a fully-franked dividend of five cents for the year ended June 30, making it seven cents for the full year.
