Duet Group's FY profit drops

Group says internalisation costs, income tax expenses weighed on results.

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.

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