Herald Sun



DJER­RI­WARRH In­vest­ments’ full-year profit has jumped 9 per cent due to ben­e­fits from the de­merger of miner South32 from re­sources gi­ant BHP Bil­li­ton.

The listed in­vest­ment com­pany made a net profit of $46.9 mil­lion for the year to June, up from $42.9 mil­lion in the same pe­riod a year ear­lier. Rev­enue was $43.5 mil­lion, up 9.8 per cent on 2013-14.

Djer­ri­warrh said it re­alised a non-cash gain of $5.6 mil­lion on the South32 de­merger, help­ing to off­set its ex­po­sure to the energy sec­tor, where share prices have fallen.

Be­yond BHP, in which it re­tains a $67.1 mil­lion in­vest­ment, Djer­ri­warrh con­tin­ues to rely heav­ily on the na­tion’s big four banks for the punch in its port­fo­lio.

Its lead­ing in­vest­ment is in Com­mon­wealth Bank, at $69.2 mil­lion, fol­lowed by BHP, Na­tional Aus­tralia Bank ($59.3 mil­lion), West­pac ($58.5 mil­lion) and ANZ (54.1 mil­lion).

Its big­gest pur­chases dur­ing the past fi­nan­cial year, all in ex­cess of $10 mil­lion, were in CBA, Tel­stra, CSL, NAB and West­pac. The big four banks make up nearly a third of its en­tire port­fo­lio.

“A num­ber of pur­chases were made to re­plen­ish hold­ings sold be­cause of the call op­tions ex­er­cised dur­ing the pe­riod. These in­cluded the ma­jor banks, Tel­stra and CSL,” the com­pany said in a state­ment to the stock ex­change. Djer­ri­warrh shares added 6c to $4.88.

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