Soul Patts belies 'stodgy' tag Washington H Soul Pattinson has again defended its old school management style, as the investment group hailed the recent float of the New Hope coal business and a solid lift in full year profit.
Chairman pandora gold rings jewellery Robert Millner said yesterday: "We have been criticised over the years for being a bit stodgy and not releasing value (seen) within the Soul Pattinson group." But highlighting the recent spin offs of New Hope, SP Telecommunications and Clover Corp, Mr Millner said Soul Patts shareholders who had participated in the floats had reaped the reward of strong appreciation in their share portfolios. Since listing last month, New Hope shares are up more than 50 per cent, and SPT shares are worth more than five times their May 2000 listing price. Clover shares are almost double their November 1999 listing price. "So when you pandora australia online buy sit down and actually do the mathematics on those, the shareholders that took up those where to buy pandora bracelets and charms particular floats have done very, very well," Mr Millner said. In another heartening sign, Soul Patts lifted net profit 21 per cent $88.3 million for the 12 months to July 31. This was due largely to the strong contribution from the group's 50 per cent share in Brickworks (which conversely has a 42 per cent stake in Soul Patts). Brickworks added $28.3 million to the bottom line, and Mr Millner said strong brick sales would hold up until at least the end of 2003. Other highlights included the omega 3 food ingredient maker Clover Corp (28.9 per cent owned by Soul Patts) posting its first profit, and SP Telecommunications www pandora charms paying its first dividend. "Obviously there were a couple of low lights... a couple of investments didn't perform as well as the others," Mr Millner said. He was referring to the relatively poor performance from the 22.9 per cent stake in API, and the slump in advertising revenue from the NBN Television business. Pointing to a 24 per cent rise in the company's investment portfolio in 2002 03 reflecting purchases of shares in Milton Corp, Huntley, API and Challenger Mr Millner said Soul Patts was seriously thinking about diversifying into superannuation. "It's amazing the number of times... people say, 'I wish I could get the same return from my superannuation that you're getting from your investment portfolio'," he said. "It's not rocket science; it's just a matter of thinking long term and buying long term... fully franked shares." Soul Pattinson declared a fully franked final dividend of 10 a share, up 2 on the year and payable on November 24. Total dividend for the year rose 3 to 17 a share. After hitting a record high of $6.
60 on Tuesday, Soul Patts shares closed yesterday at $6.50. Given Coca Cola Amatil's flagging interest in the juice maker Berri, Mr Millner said his group's Keith Harris division would consider selling its Orchy juice business, but only if the price was right.
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