Shares in Australia’s biggest brick maker Brickworks jumped more than 6% yesterday despite a weak full-year result. Meanwhile, the weak performance by Round Oak Minerals saw Washington H Soul Pattinson, Brickworks’ major shareholder report a 7% decline in earnings for the year to the end of July.
A strong surge in the contribution from its property business allowed Brickworks Ltd, part of the Washington H Soul Pattinson Group of companies to report a solid improvement in interim net profit for the six months to January 31.
Brickwork’s associate, Soul Pattinson has more than doubled full-year profit to an all time high thanks to strong performances from its investments in coal miner New Hope Corporation, Brickworks and telco TPG Telecom.
Brickworks’s biggest shareholder, Washington H. Soul Pattinson (Soul Patts) also failed to reward shareholders other than a token rise in interim dividend yesterday, despite reported a surge in earnings for the six months to January 31.
Investment firm Washington H. Soul Pattinson (SOL) (a shareholder in Brickworks, TPG, New Hope, API and a host of other companies. Brickworks is Soul Patts biggest shareholder in turn) saw its profit surge by almost 80% due to a marked reduction in impairments for the full year.
Soul Pattinson’s 61% stake in coal miner New Hope ((NHC)) will prove beneficial as the broker is expecting a special dividend of up to $1.90ps to NHC shareholders following the sale of its New Saraji project. The broker believes Soul will probably then follow with a special dividen of its own.