Funds manager Perpetual Ltd
(ASX:PPT) remains cautious about future growth despite reporting a rise in first-half profit to $49.17 million, on the back of stronger equity and credit markets.
The result is up 246% on the same period a year before and includes an $11.1 million after tax gain from the Exact Market Cash Fund (EMCF) generated by improved credit market conditions.
Underlying profit, before gains or losses on the sale of investments, was $36.41 million – down 13%.
However, Chairman Bob Savage says that while the company is enjoying renewed momentum in its financial performance and improved investor sentiment, equity market conditions remain difficult to predict.
The company has declared a fully franked interim dividend of 105 cents per share, compared to 40 cents in the previous corresponding period.
Perpetual posted a profit of $37.75 million for fiscal 2009.
