ARIADNE Australia has posted an interim net profit of $2.091 million, an increase of 23% from $1.70 million from the same period last year.
Including a $3.077 million gain from the investment portfolio, net profit was $5,168,000 (2012: $3,730,000).
The net profit result reflects a 14% fall in contribution from the car park division, of $2,425,000 (2012: $2,820,000), due to the weak Brisbane CBD market impacting on two Ariadne leased car parks.
However that was offset by a substantially improved property division, which returned to profit of $498,000 (2012: $640,000 loss).
The investment division recorded a lower net profit of $1,795,000 (2012: $2,272,000).
Net operating cash flow of $3,240,000 (2012: $1,769,000) was up compared to the corresponding period, due to the improved trading of the property division and proceeds from the sale of assets held for trading.
The directors declared a partially franked final dividend of 0.5 cents per share. Net tangible assets per share are 35.3 cents, a 15% increase on that of 31 December 2012 of 30.9 cents.
CEO Murray Boyte said Ariadne continues to manage its operations and investments with the objective of optimising returns and improving cash flows.
“While market conditions remain unpredictable, there are some signs of modest optimism and confidence returning to the domestic economy. The outlook for Ariadne’s operating businesses is positive.
“The trading and investment portfolios have performed well with further upside potential over the medium term,” Boyte said.
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