Kingfish profit gutted

Investment company Kingfish's net profit has more than halved in the half-year to September 30 compared with the same period last year.

Kingfish reported a net profit of $2.99 million for the six months, down from $6.73 million.

Operating revenue fell to $3.59 million from $10.1 million. Earnings per share fell to 5c from 12c.

There will be no interim dividend.

Despite the profit slump, Kingfish chairman Rob Challinor said the result was pleasing given uncertain market conditions earlier in the half.

"The investment manager, Fisher Funds, was able to more than fully recover the value of the portfolio after the declines experienced in April and May."