Pacific Current Group Ltd ( (TSRUF) ) has released its Q2 earnings. Here is a breakdown of the information Pacific Current Group Ltd presented to its investors.
Pacific Current Group Ltd, an Australian company listed on the ASX under the ticker PAC, is engaged in investing in asset managers, private advisory, placement, and investment-related firms globally. The company aims to build shareholder value by identifying, investing in, and managing investments in investment management firms exhibiting moderate to high sustainable growth.
In its latest earnings report for the half-year ended December 31, 2024, Pacific Current Group Ltd reported a significant increase in net profit before tax, reaching $115.1 million, a 555.98% rise from the previous year. This increase was driven by gains from the sale of investments and changes in the fair value of financial assets.
Key highlights include the disposal of investments in Carlisle Management Company and Victory Park Capital Advisors, resulting in substantial gains. The company also reported a decrease in funds under management, primarily due to the exit of certain boutiques. Despite a decrease in underlying net profit after tax by 8.28%, the company maintained a strong financial position with net assets increasing to $722.4 million.
Looking forward, Pacific Current Group Ltd remains focused on its strategic initiatives to enhance shareholder value through targeted investments and potential share buy-back plans. The management is optimistic about future growth opportunities, despite the challenges faced in the current economic environment.