News: Argo FY profits lift

.

Argo Investments’ Limited (ASX:ARG) profit has lifted by 4.6 per cent to $175 million.

 

The improvement has been attributed to an increase in dividends and distributions from investments, but was partially offset by a decline in interest income on cash deposits due to lower interest rates.

 

Argo says its investment portfolio outperformed the Australian market, returning 23.6 per cent over the year.

 

The listed investment company says its largest purchases were increasing its holdings in Australia and New Zealand Banking Group (ASX:ANZ) and Wesfarmers Limited (ASX:WES). It’s largest sale was its reduction in its Macquarie Group Limited (ASX:MQG) position.

 

Argo’s share price performance returned 31 per cent reflecting stronger equity markets and the closing of the discount to NTA.