09/07/2013 - 14:52

Euroz profit halved in difficult conditions

09/07/2013 - 14:52

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Euroz executive chairman Peter Diamond.

Stockbroking firm Euroz has lodged a net profit of $6.3 million, just over half of its net profit in the previous year, after enduring what it described as extremely challenging conditions in equity capital markets.

The result was well down on the $11.7 million net profit Euroz lodged in financial year 2012.

Euroz will pay a fully franked final dividend of 5 cents per share, while at June 30 the three listed groups of Euroz had a collective cash balance of $168 million.

Executive chairman Peter Diamond said the drop in profit was partly due to a fall in value in the company’s investments in the Westoz Investment Company and Ozgrowth Limited.

Mr Diamond said Euroz’s board of directors was nonetheless pleased with the results, with all of its divisions remaining profitable.

“Volatile commodity prices and resource markets continue to affect our deal flow and turnover in the short term but we remain confident that our group is well positioned for better markets when they return,” Mr Diamond said in a statement.

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