News: Argo Investments improves H1 profit

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Argo Investments Ltd (ASX:ARG) has recorded an 8.8 per cent improvement in its first half earnings, delivering a net profit of $90 million.

In the six months to 31 December Argo posted a 33 per cent rise in revenue to $98.7 million.

The investment company says its half year result was boosted by one-off transactions, including the dividend received from DuluxGroup's demerger from Orica Ltd (ASX:ORI), and Woolworths Ltd's (ASX:WOW) share buy-back dividend.

Chairman Chris Harris says corporate activity is likely to increase in the current year and has forecast an increase in the number of companies applying to list on the Australian Securities Exchange.

Agro says that with current cash reserves of about $225 million and no debt the company is well placed to take advantage of opportunities.

A fully franked interim dividend of 13 cents per share has been declared.

Argo Investments posted a net profit of $153.9 million in the 2010 financial year.