Challenger records statutory NPAT drop of 14% to $202M

Company News

by David Chau

Investment management firm, Challenger Ltd (ASX:CGF), has reported its statutory NPAT dropped 14%to $202 million in 1H17.

The company says the fall in profit was because Challenger recorded a significant one off item in 1H16 – profit from selling its stake in Kapstream Capital to Janus Capital Group.

However, Challenger had record annuity sales in 1H17, rising 34% to $2.2 billion.

In 1H17, the company declared an interim dividend of 17 cps, which is 6% higher than the previous interim dividend.

As for its outlook in FY17, Challenger has reaffirmed its cash operating guidance within a range of $620 to $640 million.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.