Australian based investment company Premier Investments Ltd
(ASX:PMV) has almost doubled its earnings for the year after today reporting a 98 per cent rise in net profit for the year to July 25 of $82.7 million.
The company says the result was underpinned by a better than expected result for Just Group, despite tough economic conditions.
Just Group’s sales rose 4 per cent to $844.9 million for the year.
Premier Investments declared a final dividend of 38 cents a share taking the total for the year to 75 cents.
Chairman Solomon Lew says the combination of Just Group’s solid result and the board’s commitment to capital management initiatives means that investors in Premier will have had the opportunity to receive up to 75 cents per share in dividends for fiscal 2009.
The company says Just Group trading for the first seven weeks since the end of the financial year has been in line with the improving trend of the second half of 2009 and trading ahead of budget.
Premier says that while the current retail environment appears to be gaining strength, Premier is cautious and conservative in its outlook for fiscal 2010.
Looking at the past five years Premier Investments profit highlight was in 2007.
