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Diversified United Investment (ASX: $DUI) reports 15.6% decrease in half-year profit

Diversified United Investment's half-year financial results


Diversified United Investment Limited (ASX: $DUI) has reported a 15.6% decrease in profit after tax for the half year ended 31 December 2023. The company's revenue from ordinary activities fell by 11.9% to $22.7 million, with a profit after tax of $17.8 million. The interim dividend for the half year is 7.0 cents per share fully franked, payable on 15 March 2024, with the record date for entitlement set at 23 February 2024.

Executive commentary on financial performance and outlook


Equity markets demonstrated resilience during the half year, despite intermittent market fluctuations due to economic uncertainty, geopolitical tensions, and inflation concerns. The company's profit after tax for the half year ended 31 December 2023 was $17.8 million, down from $21.0 million in the previous corresponding period. The decrease in revenues was primarily attributed to lower dividend payouts from BHP, Rio Tinto, and Woodside, as a result of softer commodity prices and increased costs. Looking ahead, the company acknowledges the cautious short-term outlook due to the share market's near all-time high, but remains confident in the soundness of equities as a long-term investment.

Summary of financial results and outlook


Diversified United Investment Limited (ASX: $DUI) reported a 15.6% decrease in profit after tax for the half year ended 31 December 2023, with revenue from ordinary activities falling by 11.9%. The company declared an interim dividend of 7.0 cents per share fully franked, maintaining its history of reliable dividends. The company's outlook acknowledges the cautious short-term market conditions but expresses confidence in the long-term potential of equities as an investment. The company's portfolio turnover for the period was 1.1%, and it maintains a long-term investment strategy in Australian and international equities, with a target range for allocation to international equities set at 10-20% of the portfolio.

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