LinQ FY profit down 20% to $111m

West Perth-based fund manager LinQ Resources Fund has reported a net profit of $111.4 million for the year ended the 2008 financial year, down from the previous year's $138.4 million.

The company said the result was achieved against the background of a challenging year that saw a correction to global equity markets in the second half of the financial year.

"However, the Fund's performance against this difficult background highlights management's ability to pick investments with strong growth prospects, "LinQ said.

The net profit result was struck on revenues of $131.6 million, down 9 per cent from the previous year.

The final distribution of 20.05 cents per unit, represents a 134.8 per cent increase over the 2007 distribution of 8.54 cents per unit, and is more than the cumulative total of the Fund's first three years of distributions.

"Since year end, global equity markets have again been marked down, which has impacted on the Fund's reported NTA per unit," the company said.

"Unitholders are reminded that past performance of the Fund is not a reliable indicator of future performance."

The full year distribution of 20.05 cents per unit will be paid on today.

The company specialises in investments of small to medium resource companies with market capitalisations less than $3 billion.

LinQ has an investment portfolio of $371.1 million, excluding cash, and has a net asset value of $335.7 million on consolidation.