Seven Group Holdings Limited
(ASX:SVW) has reported a half year net profit of $256.8 million, up from $52.1 million last year.
The profit surge came on the back of a $50.1 million gain following the sale of seven’s stake in Consolidated Media Holdings to Rupert Murdoch’s News Corp in November.
Earnings were also boosted by large fleet deliveries from Seven Group’s heavy equipment business WesTrac, which saw increases in revenues and earnings following solid demand from coal and iron ore miners.
Seven says it remains cautious about second half trading conditions, however expects to boost its full year earnings by up to 20 per cent, subject to the timing of deliveries for large mining projects.
Earnings from the group’s media investments dropped by 9 per cent to $65.8 million.
Seven Group will pay a fully franked interim dividend of 20 cents per share.
