Argo Investments Profits Increase

Australian diversified investment company, Argo Investments (ASX:ARG) has announced a 21 percent increase in annual net profit with a forecast in corporate profits and dividend growth.

Argo Investments Net Profits and Dividends

Net profit for the investment company to June 30 is $153.9 million, up 20.8 percent from $127.4 million for the previous corresponding period. Argo reported a loss of $64.42 million for the year ending 30 June 2009. Argo declared an unchanged final dividend of 13 cents per share, taking full-year dividends to 25c, down from 27c last year."We expect to see modest growth in Australian corporate profits and dividends in the period ahead, despite continuing economic and political uncertainties, both locally and internationally," Managing Director Rob Patterson said in a statement.

Argo Investments Share Holdings

Principal share holding investments at June 30 held by Argo Investments include: BHP Billiton ($266.1m), Westpac ($183.6m), Rio Tinto ($159.6m), Macquarie ($132.8m) and Wesfarmers ($132.1m). Purchases made in the second half of the fiscal year: the largest being $7.8m in Commonwealth Bank of Australia, $6.9m in Lend Lease Group and $6.8m in Woodside Petroleum. Holdings reduced in: James Hardie Industries SE and Macquarie Group. Shareholdings sold: Bendigo and Adelaide Bank