Westoz triples net profit in FY14

Westoz Investment Company almost tripled its net profit in the 2014 financial year, increasing from $7.4 million last year to $21.2 million. 

The Perth-based Euroz subsidiary said that it had paid $13.5 million in dividends during the year and raised its total asset base to $176 million.

"The results for Westoz were built on a strong underlying return from our investment portfolio, which generated a 21 per cent return over the period," Westoz executive director Philip Rees said.

"The results were assisted by corporate activity in three of our larger holdings, being Aquila Resources, Aurora Oil & Gas and Clough."

Westoz Fund Management's executive director Dermot Woods said that the company's current cash holdings (34 per cent of assets) would allow it to take advantage of further opportunites as they emerge.