Argo Investments (ASX:ARG) first-half profit drops 43.3%

Company News

by Anna Napoli

Listed investment company Argo (ASX:ARG) has posted a 43.3 per cent decline in half year profit to $67.4 million for the first half of the 2021 financial year when compared to the year earlier period.

Earnings per share decreased by 44 per cent to 9.3 cents.

The company has declared an interim dividend of 14 cents down 12.5 per cent on the year earlier period.

Argo’s investment performance, measured by net tangible asset (NTA) return after all costs and tax, was 12.3 per cent over the six months to 31 December 2020.

The business says its half year profit was impacted by a number of companies cutting or cancelling their dividends in response to the pandemic.

The fund took up positions in Aurizon Holdings and Newcrest Mining over the period and exited AMP and Ansell.

Shares in Argo Investments (ASX:ARG) are trading 0.8 per cent higher at $8.79.