Listed broker Euroz has posted a 280 per cent surge in unaudited first-half profit owing partly to its investments in listed fund managers Westoz Investment Company and Ozgrowth.
The company posted first-half net profit after tax of $10.34 million, up from $2.72 million the previous year.
"While we have seen a general improvement in equity markets and returns during the past six months, low trading volumes and activity have continued to affect all market participants, Euroz said in a statement.
The company said its investments in Westoz Investment Company and Ozgrowth had performed well during the period, generating equity accounted profits of $4.5 million and $2.1 million respectively.
Euroz holds a 24 per cent stake in Westoz and a 36.5 per cent stake in Ozgrowth after lifting its holding in both companies over the period.
Both stocks are trading near 52-week highs.
Euroz said its strong and growing balance sheet and consistent profitability was highlighted by its updated net tangible assets of $129 million or 90 cents a share.
"Our established market position and unique structure will continue to provide investors with comfort during difficult markets and leverage to improved trading volumes, commodity prices and dealflow when our markets inevitably improve," the company said.
Euroz will pay a 1.5 cent fully franked interim dividend on January 25.Shares in the company were off 2.5 cents, or 2.32 per cent, to $1.055 at 10.40am.
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