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Argo Investments Ltd (ASX:ARG) has reported a profit of $153.9 million up from $127.4 million a year ago.

Annual operating profit however, was 12.6% lower at $142.8 million before net realised gains on the sale of long term investments, compared with $163.4 million in the previous year.

The investment company with total assets of $3.6 billion increased income in the second half of fiscal 2010.

The company reports first-half operating profit was down 23.6%.

Managing Director Rob Patterson said the 2009-2010 result had been achieved in a difficult economic environment that impacted the company's earnings and lead to a cautious approach to dividend payments.

Mr Patterson also adds that Argo has current cash reserves of around $240 million and no debt.

Argo reported a loss of $64.42 million for the year ending 30 June 2009.