BT Investment Management Ltd
(ASX:BTT) has reported a 23 per cent fall in full year profit but says its strong second half performance is encouraging.
Net profit after tax for the 12 months to September 30 came to $12.7 million down from $16.4 million the year before.
Cash profit dropped 33 per cent to $26.85 million from $40.04 million recorded last year.
The company says funds under management as at September 30 totaled $36 billion, marginally up on 2008 and providing a positive base for the 2010 financial year.
Chairman Brian Scullin says given the company’s leverage to the markets, the improvement it has experienced during the second half is encouraging for growth in profitability in 2010.
BT Investment Management declared a final dividend of 4.9 cents.
Looking at BT’s profits and the company’s 2008 net profit was almost half its result in 2007.
