Euroz reports unaudited $9m profit

Perth-based stockbroking and funds management company Euroz Limited plans to double its interim dividend for the half-year ending December 2009, after reporting a 574 per cent increase in net profit.

The unaudited $9.3 million net profit is up from just over $1.6 million in the previous corresponding period.

There was a modest rise in the company's net operating profit from normal trading activities, which increased by $188,000 to $6.2 million.

Much of the company's $7.7 million net profit gain was contributed by the $3.1 million equity accounting profit after tax from its listed investment company Ozgrowth.

This contrasted to 2009 when Ozgrowth generated a $4.4 million loss.

Euroz said in a statement the company was pleased with the profit result and dividend and were confident of continued profitability in the second half.

The 2-cent per share fully-franked interim dividend the company plans to pay is double that paid out in the first half of 2008-09.

Euroz undertakes its primary business activities through two wholly-owned subsidiaries Euroz Securities and Westoz Funds Management.

Established in 2000, Euroz Securities is a specialised WA focused stockbroking operation.

Westoz is focused on the management of equity portfolios with the majority of funds managed on behalf of two investment companies, Westoz Investment Company Limited and Ozgrowth Limited.

Euroz also holds substantial interests in Westoz (14.23 per cent) and Ozgrowth (25.36 per cent).