BT half-year profit jumps 58%
BT Investment Management Limited (BTT) announced a statutory NPAT of $9.7 million for the six months ended 31 March 2010, up 58% on the previous corresponding period. The company said the results were on the back of improved equity and credit markets in comparison to the year earlier.
BT said cash NPAT was $14.2 million, up 11% on the pcp, while revenue increased 15% to $60.7 million.
The company declared an interim fully franked dividend of 5.5c per share, up from 3c one year ago.
Chairman, Brian Scullin, said the company recommend a one-off capital return of 12.5c per share.
“Payment of the capital return is subject to a favourable Australian Tax Office ruling and subsequent shareholder approval at an Extraordinary General Meeting targeted for late August,” Mr Scullin said.
As of 31 March 2010, BT has $36.3 billion in funds under management, an increase of $300 million in the six-month period.
CEO, Emilio Gonzalez, said with markets showing some positive signs, and in particular the Australian economy recovering quickly, the company’s revenue and profit have been sound.
“While the markets have improved significantly over the last 12 months from the lows of March 2009, investor confidence in riskier asset classes has not completely returned, given the current favourable rates being offered on term deposits,” Mr Gonzalez said.
He added that the company would be focusing on leveraging off the strength of the BT brand; driving for greater representation of its product suite in the wholesale channels; and bringing greater focus to the income and diversified spaces to complement its strengths in Australian Equities.
As at 1516 AEST, BT shares were up 22c to $2.75.
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