Djerriwarrh lifts H1 net profit

Company News

Djerriwarrh Investments Ltd (ASX:DJW) has lifted its net operating profit by 16.2 per cent to $23.4 million in the half year ended on 31 December 2010.

The gain was driven largely by the recovery in dividends from Djerriwarrh investments, particularly Australian banks.

In the same period the listed fund manager boosted net profit to $25.55 million, up 68.9 per cent from the $15.1 million recorded in the prior corresponding half.

Djerriwarrh Investments attributes new accounting standards for the improved result.

The company has declared an interim dividend of 10 cents per share fully franked to be paid on the 18 February to shareholders registered with Djerriwarrh by 3 February.

Djerriwarrh Investments moved to a net profit of $25 million in fiscal 2010, from a loss of $14 million the year before.

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