Fiducian Portfolio Services has reported a consolidated net profit after tax of $2.01 million for the half year to 31 December 2008, compared to $3.10 million in the corresponding period in 2007.
Operating revenues fell 21 per cent and assets under administration in the Fiducian Investment Service and the Fiducian Superannuation Service were $964 million as at 31 December 2008, compared to $1.19 billion at 30 June 2008.
The 19 per cent decrease over the six months was primarily due to market falls associated with the current global financial crisis, according to Fiducian.
Despite the increased market volatility the future outlook for the company remained steady, Fiducian managing director Indy Singh said.
"The results clearly demonstrate the robustness of our business model in this challenging market," he said.
Fiducian expects to generate revenue in coming years from organic growth and external sources, according to Singh.
"Our focus for the next half year is on further expanding and developing our existing revenue streams," he said.
