Washington H. Soul Pattinson & Co Ltd (ASX:SOL) has delivered a significant drop in fiscal 2010 net profit, sliding 80 per cent lower than the record $1.12 billion achieved last year.
For the twelve months to 31 July, the diversified investment company reported net profit of $218.3 million.
The result was affected by lower contributions from New Hope Corporation Ltd (ASX:NHC), that Washington H. Soul Pattinson & Co has a 60 per cent stake in and Pitt Capital partners, that the company has a 79 per cent stake in, following their strong results the year before.
Before non-regular items net profit was $181.6 million, 19 per cent lower than 2009.
Chairman Robert Millner says the company is pleased to deliver a profit to shareholders increasing the final dividend by 5.3 per cent to 20 cents per share.
A special dividend of 12.5 cents has also been declared, in recognition of the company's non-regular profit on New Hope's divestment of its interest in Arrow Energy Ltd (ASX:AOE).
Washington H. Soul Pattinson & Co posted a $168.68 million profit for the six months to the 31 January this year.
SOL Price at posting:
$13.23 Sentiment: None Disclosure: Held
