Argo sees FY profit slide 2.8%

Company News

Argo Investments Limited (ASX:ARG) full year net profit has slid 2.8 per cent to $167.3 million from the same time last year.

Argo’s chief says its performance over the financial year was solid considering the difficulty in the Australian equity market over the year . 
 
The Adelaide-based investment firm maintains a positive outlook citing low unemployment, inflation as well as a strong currency which will allow it to weather future economic shocks. 
 
The company says it had cash reserves of about $150 million and no debt.

Argo has declared a final fully franked dividend of 13 cents, payable in September.