Fall in dividends dents Mirrabooka
PROFITS at listed investment fund Mirrabooka fell 9 per cent in the past half year after a decline in dividend income. It reported a net profit of $6.3 million for the six months to December 31, down from $6.9 million in the previous corresponding period.
The Mirrabooka general manager, Geoff Driver, said the $270 million fund, which invests in small and mid-sized companies, was unfazed by the decline in dividend income given it had $24 million in cash to reinvest ahead of the reporting season.
"We do quite often change the mix of the portfolio, and sometimes that means that some dividend-paying stocks are sold off," he said. "But we have cash to invest so we'll be looking to put that back into the market."
In adjusting the portfolio through the period, Mirrabooka acquired new holdings in Vocus Communications, Bega Cheese, Brickworks, Seek, BlueScope Steel, Horizon Oil and JB Hi-Fi.