BHP BILLITON SPLIT PAYS DIVIDENDS FOR DJERRIWARRH

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.