BT profit reflects a position of strength
(7 May 2010 – Australia) BT Investment Management's share price surged 9 percent after it announced a 58 percent rise in first-half profit and increased dividends on the back of the recovery in equity markets.
Chief executive Emilio Gonzalez said net profit had climbed to $9.7 million over the six months to the end of March, from $6.1m the year before.
The company declared a fully franked interim dividend of 5.5c a share, up from 3c earlier, and said it was recommending a 12.5c per share capital return.
The one-off capital return is subject to a favourable ruling from the tax office and shareholder approval at an extraordinary general meeting.
Cash profit rose 11 per cent to $14.2m in the first half, and cash earnings a share gained 13 percent to 8.9c.
According to BTIM, which is 61 percent owned by Westpac, its funds under management grew $300m, or 19 percent, to $36.3 billion over the period, driven by market gains.
The company declared a fully franked interim dividend of 5.5c a share, up from 3c earlier, and said it was recommending a 12.5c per share capital return.
The one-off capital return is subject to a favourable ruling from the tax office and shareholder approval at an extraordinary general meeting.
Cash profit rose 11 per cent to $14.2m in the first half, and cash earnings a share gained 13 percent to 8.9c.
According to BTIM, which is 61 percent owned by Westpac, its funds under management grew $300m, or 19 percent, to $36.3 billion over the period, driven by market gains.
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