Ipco Q3 profit up on one-time gains

Published Thu, Mar 13, 2014 · 10:00 PM
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FAIR-VALUE adjustments and one-time gains more than doubled Ipco International's fiscal third-quarter net profit, but the investment holding company remains stuck in a nine- month loss.

Net profit grew 168 per cent year on year to $40.8 million for the three months ended Jan 31. But with the number of shares more than doubling over that period, earnings per share rose by just 27 per cent to about 0.8 cent.

The company received a $36.2 million boost from reversal of disposal loss relating to quoted securities of a disposed subsidiary, Sun Spirit. That gain was partially offset by the absence of a $25.6 million fair-value gain for the year-ago quarter. Those fair-value and disposal changes arose in the wake of the penny stock sell-off in October 2013, when steep stock price crashes hit a number of companies in which Ipco and Sun Spirit held shares.

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