Charter Pacific Half Yearly Result Listed investment company Charter Pacific Corporation Limited (Charter) announces a profit for the six months to December 31 of $4.112 million, representing a turnaround of some $5.298 million over the previous corresponding period.
Chief Executive of Charter Pacific Corporation, Mr. Kevin Dart said the figure was “a good result” when compared to Charter’s loss for the last financial year of $3.482 million.
At the company AGM in November last year, Mr. Dart had forecast that the company was on an ‘upswing’ and would turn a profit in the first half.
He said: “Having reversed the loss position from last year, we will continue to look for more investment opportunities seeking to provide solid returns for our shareholders via value, revenue and growth.”
Mr. Dart said the team at Charter had worked diligently on continuing the diversification program, adding: “I believe we are on the right track and are looking for a continuation of good results to the end of this financial year, and beyond.
“Our investments cover a broad cross section of markets at varying stages of development. It is these investments which will lay a solid foundation for the company’s growth and continued success,” he said.
The asset backing of Charter, taking its listed investments at today’s share prices, is approximately 97 cents per share.
During the half year Charter acquired a 50% holding in OEM NuTech, a company expected to become the dominant player in the powder coating industry in Australia in the next two to three years.
OEM NuTech has almost completed installation of the first powder coating line in the Southern Hemisphere for the new, advanced Dupont powder coating solutions for MDF products. The installation is at the Schiavello furniture factory in Melbourne and this facility is expected to be commissioned within the next few weeks.
Of other Charter investments, the company has a 33% interest in AGT Biosciences (AGT), which holds world leading intellectual property in the fields of obesity and diabetes as well as depression and anxiety. The company recently (February 4, 2004) announced that it had identified and lodged patent applications for 10 new proteins that have been confirmed as probably targets for the treatment of obesity.
The global market for over-the-counter anti-obesity medications is currently estimated at more than US$12 billion annually and is predicted to grow by more than 20% a year over the next six years.
Mr. Dart confirmed that Charter still held some 102 million shares in Metal Storm (MST), which at today’s current share price represents an asset of approximately $45 million.
Other holdings by Charter Pacific include a 50% interest in DCR Global, which holds intellectual property for powering radio frequency signals.
Mr. Dart confirmed that whilst this project has taken longer to commercialise than first anticipated Charter is working closely with DCR Global to sell or licence its technology this financial year.
