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Business Description: Washington H. Soul Pattinson and Co. Limited (SOL) is a diversified investor in basic commodities such as building products, coal, equities, telecommunications, financial services and pharmaceuticals in Australia. SOL has four main operations, namely, investment, coal mining, copper processing and consulting.
Strategy Analysis: SOL strategy is based on conservative and diversified long-term investment. Through strict adherence to this strategy SOL has delivered well above average total shareholder returns over many decades. Mistakes have been made but the successes have far outweighed the disappointments. Management remains focused on creating long-term shareholder wealth from a sensible and conservative investment strategy. New Hope is driving the group at present and adding to cash reserves which will be invested sensibly.
Washington H. Soul Pattinson and Co reported NPAT down 25% to $74.26m for the half-year ended 31 January 2013. The regular profit after tax attributable to shareholders for the period was $71.4m, a decrease of 19.4% compared to $88.7m for the previous corresponding period. This net decrease was mainly attributable to a reduced contribution by New Hope and lower special dividend income which were partly offset by increased contributions by Brickworks and TPG Telecom. Revenues from ordinary activities were $384.32m, down 15.8% from the same period last year. Basic and Diluted EPS were 31.02 cents compared to 41.48 cents last year. Net operating cash flow was $77.84m compared to $30.98m last year. The interim dividend declared was 18 cents compared with 17 cents last year.
The Age 18/05/2013 |
As Australia's major retailers increase their online sales channels, pouring millions into their websites, they could face new competition from China's booming e-commerce industry.
The Age 18/05/2013 |
Most of those who take a political approach to the budget assume that if it's in deficit, the way you get it back to surplus is to cut government spending or, if you're a really bad person, increase taxes. They forget it's the budget itself that's supposed to do the heavy lifting.
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