Diversified investment company Washington H. Soul Pattinson and Company Ltd
(ASX:SOL) has reported full year profit of $1.1 billion today, more than 12 times its result the year before boosted by the sale of a coal project in Indonesia.
Net profit before non-regular items for the 12 months to July 31 nearly doubled to $224.7 million thanks to improved results from its investments in New Hope Corporation, Pitt Capital Partners and SP Telemedia.
Revenue rose 13.7 per cent to $775 million for the period.
The company declared a dividend of 19 cents a share, up 5.6 per cent, in addition to a special dividend of 25 cents a share.
Chairman Robert Milner says the company has never missed a dividend payment or requested additional capital from shareholders throughout the 107 years as a listed entity.
Mr Milner says this is a clear result of the company’s diversified investment methodology, focusing on basic commodities such as building products, coal, equities, telecommunications, financial services and pharmaceutical stocks. Looking back over the past five years Washington H. Soul Pattinson and Company has posted inconsistent net profits.
High-end retailer David Jones Ltd (ASX:DJS) has posted a 6.3 per cent rise in net profit for the year and reaffirmed its fiscal 2010 outlook.
The company today reported net profit for the year to July 25 of $156.5 million compared to $147.29 million the year before. The result was the highest since it listed on the ASX in 1995.
Second half profit rose 36 per cent to $65.4 million compared to $48.1 million recorded for the same period the year before.
David Jones declared a dividend of 17 cents for the second half a share up from 16 cents in the second half of 2008.
CEO Mark McInnes says the company’s ability to deliver both profit and dividend growth over the past 12 months demonstrates the strength of the business model, and says looking forward David Jones is well positioned to fully leverage the next upturn in the economic cycle.
Mr McInnes says the company’s sales in the first eight weeks of fiscal 2010 have been better than expected, saying that while the company is cautiously optimistic, it is important that it trade through the second quarter of 2010 before giving any guidance update and accordingly David Jones reaffirms its guidance of 0 per cent to 5 per cent profit after tax growth in fiscal 2010.
David Jones profits have been increasing year on year over the past five years.
Commercial television network Ten Network Holdings Ltd (ASX:TEN) says its major shareholder Canwest Global Communications plans to sell down its 50.06 per cent stake in the company.
Ten which release its full year results on October 22, says it expects its television arm to report earnings before interest, tax, depreciation and amortisation of $142 million, and a reduction in costs of two per cent.
Chairman Nick Falloon says while the advertising market remains difficult, there is evidence of the market fundamentals strengthening, such as an increase in the level of general enquiries for advertising in the medium to long term.
Ten Network Holdings has requested a trading halt of its shares to facilitate the sell-down by Canwest.It is unknown how much Canwest will sell its stake for but Ten shares last traded at around $1.37. Ten Network Holdings 2008 net profit was by far its best in five years.
Manufacturer of building products Brickworks Ltd (ASX:BKW) has reported a record financial result for the year, with earnings up 5.1 per cent to $113.7 million.
The result for the 12 months to July 31 compared to a profit of $108.2 million the year before.
The company also announced a share purchase plan to enable eligible shareholders to acquire up to $15,000 worth of shares at $12.40 a share.
Brickworks says the record result proved the effectiveness of the diversification of earnings provided by its building products, land and development and investment divisions, and says the company is well positioned for economic recovery and growth.
Revenue rose 7.2 per cent to $593.5 million, with the company declaring a dividend of 26.5 cents a share.
Managing director, Lindsay Partridge the outlook for the coming year is for another solid result boosted by an expected recovery in Building Products, lower borrowing costs and another solid return from Investments. Brickworks 2008 net profit dipped slightly from the year before.
