Property investor Augusta Capital says it had a strong first half even though its net profit was down sharply.
The company's first-half net profit fell 28 percent to $5.3 million in the six months ended September, impacted by tax, transaction costs associated with the sale of its Finance Centre, and a fair value loss on its investment in the property investor, NPT.
Revenue rose 25 percent to $13m, as a large increase in its funds management business partly offset lower rental income, resulting from the sale of assets.
The company's funds management fees more than doubled to $2.8m, from $1.3m the year earlier.
Managing director Mark Francis said Augusta was on target for a strong full-year, with further growth in fund management income and syndicate sales.
Augusta is also involved in a hostile takeover bid for NPT, with a proposal that would have NPT buy $329m of property from Augusta, while Augusta would buy NPT's management contract.