Duet Group's FY profit drops

Duet Group (DUE) is confident the corporate restructure completed during the year will lay the foundation for a solid 2014, despite posting a steep decline in full-year profit that missed analyst estimates.

In the year to June 30, Duet Group posted underlying net income of $81.7 million, below consensus forecasts for $95.4 million.

Duet posted net profit of $5.816 million, a 88% decline on the previous corresponding period's $47.549 million.

The result was impacted by a $30.3 million consolidated income tax expense of $30.3 million. In 2012, the expense was only $2.3 million.

Net profit after tax was $19.6 million, a 55% decline on the previous year's $43.9 million.

The full-year earnings were weighed down by $111.2 million of one-off expenses primarily related to management internalisation.

In the same period revenue was $1.313 billion up from $1.222 billion in 2012.

Duet will pay an unfranked final dividend of 8.5 cents, in line with is interim dividend, for a total dividend of 16.5 cents.