Soul Patts boosts portfolio value as profit declines
Make us a preferred source
Make us a preferred source on Google
The news: Investment group Washington H Soul Pattinson's half-year profit slid by a third as weaker coal prices and property valuations weighed on investments.
The numbers: Soul Patts recorded statutory net profit of $302.5 million, down 33.2% compared to the prior corresponding period.
Meanwhile, the value of the group's total portfolio grew 7% to $11.5 billion. On a total returns basis, adding back dividends paid, the portfolio returned 8.3% compared to 5.9% returned by the All Ordinaries Accumulation Index.
The Sydney-based investment house lifted its interim dividend by 11.1% from 36 cents per share to 40 cents per share.
The context: Soul Patts said that weaker thermal coal prices and lower property contributions dragged down earnings for its two largest strategic portfolio investments New Hope and Brickworks.
Soul Patts noted that, as an investment house, it does not consider profit to be an accurate reflection of investment performance.
The source: ASX announcement
