BT profit dips 11%
BT Investment Management Limited (BTT) reported an 11% drop in profit for the year ended 30 September 2009 versus the previous corresponding period. The company posted a profit of $12.7 million.
In the company’s preferred measure, cash NPAT was down 33% to $26.9 million for the year. Cash NPAT comprises NPAT before amortisation of the equity grants less the after-tax cash costs of these grants made in respect of the current year.
BT said funds under management (“FUM”) at $36 billion at 30 September 2009, up 2% from $35.3 billion a year earlier.
The company attributed the increase in FUM to positive market movements during the second half of the financial year.
BT said while it was disappointed in reporting the drop in earnings, it was also encouraged from the positive momentum created in the second half of the financial year and believes the company is well positioned for growth as the general market environment improves.
The company said it remains ungeared, has $49.9 million in cash and cash equivalents, $55 million in net tangible assets, and is well positioned for executing its growth strategies.
BT declared final dividend of 4.9c per share, which is to be paid on 18 December 2009 for holders on record as at 4 December 2009.
As at 1049 AEDT, BT Investment shares were down 1c to $3.01.
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