Investment company Hellaby Holdings has reported its first drop in annual net profit since 2009, but slightly exceeded its own guidance.
Managing director John Williamson said net profit for the 12 months ended June fell to $18.6 million compared with its $18.5 million guidance but down from $19.3 million last year.
"Probably the most pleasing metric for the Hellaby management team was the 23% return on funds employed, which demonstrates that whilst many of our trading businesses have not had an easy 2013 year we've operated in a very disciplined way."
Hellaby is maintaining its final dividend at 8 cents per share, but that reflects a payout ratio of 65% of net profit, higher than the company's 50% dividend policy.
Mr Williamson said he expects Hellaby to report a stronger profit for the current year.
