News: Djerriwarrh H1 profit slips 9.5%

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Djerriwarrh Investments Limited’s (ASX:DJW) share portfolio outperformed the S&P/ASX 200 index but its net profit slipped 9.5 per cent in the first half of the 2012 financial year.

The listed fund manager reported a net profit of $23.1 million in the six months to the end of December 2011.

The company says, "Market conditions are likely to remain volatile for some time as economic uncertainty continues to strongly influence the Australian market."



In order to maintain its dividend the company says it will continue to focus on quality companies that are well positioned in their industries and have an ability to produce reliable cash flows, even during uncertain times.

Djerriwarrh Investments yesterday maintained its fully franked interim dividend of $0.10 per share.

Shares in Djerriwarrh Investments firmed 0.81 per cent yesterday, closing at $3.73.

In the 2011 financial year Djerriwarrh Investments reported a profit of almost $57 million.