Billionaire James Packer's Nvidia, Flutter bets deliver $110m windfall
His private vehicle Consolidated Press reported a profit of $323.9 million on revenues of $5.9 billion in the last financial year, and it will pay a $110 million dividend.
James Packer will cash in part of a $110 million dividend after strong performances from Sportsbet owner Flutter Entertainment and US chipmaker Nvidia helped his private investment vehicle deliver a $323.9 million profit last year.
Documents filed with the Australian Securities and Investments Commission seen by Capital Brief show Packer’s Consolidated Press Holdings recorded a surge in revenue to $5.9 billion in the year to 30 June, after booking $1.5 billion just one year earlier.
The billionaire’s private investment vehicle, however, posted a fall in profit for the year to $323.9 million, down on the $590.6 million recorded the previous year, after recording a $5.3 billion fair value adjustment against its financial assets.
It paid a dividend of $110 million, down on the $120 million paid the previous year, and no income tax. A representative of Consolidated Press Holdings declined to comment.
