
Melbourne-based listed investment company, Djerriwarrh Investments (DJW) exited some interesting high risk investments in the December half, according to its interim profit statement released yesterday. In fact some of the shares sold would sit comfortably in its portfolio at most times, but infrastructure, retailing property, a bank and a major building products companies were all sold as the investor de-risked and pulled its horns in. The company said yesterday its sales included the “entire holdings in ConnectEast, CFS Retail Property, James Hardie Industries, Macquarie Airports, Suncorp Metway and Westfield Group. Other major sales arose because of takeovers, Queensland Gas by British Gas and St George Bank by Westpac”. The portfolio is still dominated by big cap stocks such as BHP Billiton, the NAB, Commonwealth Bank, Telstra. Suncorp was the worst performing financial stock and Hardie is exposed to the still slumping US housing downturn. That’s a major statement of payday loans how the company, which is associated with the big Melbourne broker and investment bank, Goldman Sachs JBWere, sees the immediate future direction of the market. It said it sold these stocks because of their heightened investment risk and because it wanted to boost its cash position. Djerriwarrh has posted a 47. 1% half-year drop in profit to $29. 7 million on $15. 1 million in losses incurred from offloading those shares. Djerriwarrh’s interim net profit for the six months to December 31, fell from $56. 218 million during the previous corresponding half, despite a 22% rise in revenue, to $29. 271 million. The $15. 119 million loss on the sale of the shares during the first half was in contrast to a $29.


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