News: Asset sale boots Washington H profit 67%

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Washington H. Soul Pattinson and Co. Limited (ASX:SOL) has increased its annual net profit by 67 per cent, aided by an asset sale. But, its underlying profit has fallen 11 per cent.



In the 2011 financial year the investment company’s net profit came in at $364 million boosted by one of its associated companies, New Hope Corporation Limited’s (ASX:NHC), $329 million sale of its stake in Arrow Energy.



However, profit from ordinary activities before non regular items was $161 million, dragged down by New Hope’s lower underlying profits.



Earlier this week the company unveiled plans to buy all the shares that it does not already own in its small enterprise investment fund, ASX-listed Souls Private Equity Limited (ASX:SOE).



Washington H. Soul Pattinson and Co. has declared a fully franked final dividend of 25 cents per share, bringing the full year payout to 40 cents.