CANBERA (dpa-AFX) - GQG Partners Inc.(GQG.AX), an investment management company, on Friday reported a decline in net income for the first half, reflecting a drop in revenue.
For the six-month period to June 30, the company posted net income of $228.237 million, less than $229.164 million in the same period last year. Net earnings per share were $0.08, compared with $0.08 per share a year ago. Net operating income was $301.854 million, less than $307.195 million a year ago.
Net tangible assets per ordinary security stood at $0.10, compared with $0.08 per ordinary security in the previous year. Funds under management were $155.980 billion as against last year's $172.384 billion.
Total revenue moved down to $397.249 million from $403.042 million in the previous year. This decrease was mainly due to lower performance fees as a result of lower relative investment returns, partially offset by a rise in management fees.
Performance fees plunged to $0.630 million from last year's $13.770 million. Management fees increased to $396.619 million from $389.272 million in the prior year. This was primarily driven by growth in average FUM from $162.9 billion to $164.5 billion or 1% and an increase in the average fee realization rate from 48.2 basis points to 48.6 basis points year over year.
The company will pay a quarterly dividend of $0.0362 per share on September 25 to the shareholders of record as of August 27.
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