Washington H profit spikes on asset sale gains

Washington H profit spikes on asset sale gains

Investment company Washington H Soul Pattinson (ASX:SOL) saw a 67% spike in net profit for the year ending in July, due to asset sales from an associated company.

Washington H reported profit of $363.9 million for the year. The result was propped up by a $202.7 million gain on non-regular items - chiefly the sale of Arrow Energy shares by Washington H's majority-owned associate New Hope Corporation (ASX:NHC).

Excluding non-recurring items, profit fell 11.2% to $161.2 million. Revenue from continuing operations also also slumped 7.9% to $758.3 million.

The company attributed the declines to a reduced contribution from New Hope, due to the stronger Australian dollar as well as to increased transportation costs and reduced sales arising from the recent floods.

The market value of the Washington H listed equities portfolio grew from $4.07 billion at the start of the year, to $4.24 billion by the end.

These investments include controlling stakes in New Hope, CopperChem and Pitt Capital Partners, as well as major holdings in six other listed entities.

The company declared a final dividend of 25 cents, taking the total for the year to 40 cents.

SOL shares declined 1.46% on Thursday to $12.170.

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Tags investmentfinancial resultsNew HopeASX:NHCWashington H Soul PattinsonASX:SOL

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