Investment group Washington H Soul Pattinson (SOL) (the Milner family dominated company which controls Brickworks and other companies through a series of cross shareholdings) saw its full year profit drop more than a third due to impairments and non-regular items in some of its associates.
Net profit fell 36.7% at $83.3 million, dragged down by more than $123.8 million worth of impairment charges, predominantly in coal miner and oil and gas group New Hope, which is majority controlled by Soul Pattinson.
However underlying profit rose 27% to $156.45 million thanks to higher contributions from TPG Telecom and building products group Brickworks (see separate story).
The company increased its final dividend to 30 cents from 29 cents, fully franked. With the 20 cents a share interim, the company is making a full year distribution of 50 cents a share, up 2 cents a share.
The shares rose 1.6% to $14.13.
SOL 1Y – Profit slips but payout lifts at Soul Patts
