Soul Pattinson profit surges 56.1% from strategic investments

Company News

by David Chau

Diversified investment company Washington H. Soul Pattinson (ASX:SOL) has released its 1H17 results.

Soul Patts reported its NPAT rose 56.1% to $149 million, and its revenue from operations surged 60.9% to $438.1 million.

The company says these results were driven by higher contributions from its strategic investments.For example, New Hope Corporation’s first half contribution to Soul Patts’ profit surged 264.4%. This was due to the coal miner benefiting from a recovery in coal prices.

Also, Soul Patts’ profit from its TPG investment increased 24.6% - with the telco’s iiNet division performing strongly. And its Brickworks investment advanced 31.1% due to record sales revenue from its building products business.

Soul Patts declared a fully franked interim dividend of 22 cps, which is 4.8% higher than last year.

This morning, Soul Patts’ shares are tracking 4.06% higher at $17.41. 

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.