SYDNEY (Dow Jones)--Financial services group IOOF Holdings Ltd. (IFL.AU) said Thursday that its fiscal first half net profit rose to A$36.9 million from A$9.1 million a year earlier.
The group said in a statement that revenue from ordinary activities for the six months ended. Dec. 31 surged to A$422.1 million from A$160.8 million a year ago, boosted by recent acquisitions. It will pay an interim dividend of 17 cents a share.
Its more closely watched underlying profit, which excludes the impact of investment value writedowns, rose 37% to a record A$47.1 million.
"While the prevailing market conditions make it difficult to accurately forecast a future result, IOOF's second half 2009-2010 performance should at least mirror the interim result, provided market conditions remain reasonable," the company said.
Its previous guidance was for its underlying profit to be at the top end of its A$65 million-A$75 million forecast range, or more than A$90 million before taking into account amortization from its Australian Wealth Management and Global One mergers.
"Having come through a difficult period in the markets, this impressive result underscores the strength and competitiveness of IOOF," Managing Director Christopher Kelaher said.
The group said funds under management was A$100.8 billion at the end of December, up A$4.2 billion since the end of June.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; [email protected]
IFL Price at posting:
$5.58 Sentiment: None Disclosure: Held
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