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.

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.