Business Services Industry
New-look Challenger cements move into infrastructure.
Australasian Business Intelligence, February, 2006
Byline: Jessica Irvine
Feb 27, 2006 (The Sydney Morning Herald - ABIX via COMTEX) -- Challenger Financial Services Group has achieved an 8.1 rise in interim net profit, to $A60.2 million. Annuity sales for the first half of 2005-06 came in at $A154 million, and may potentially reach $A300 million for the full year. Funds under management expanded 26 per cent to $A11.9 billion. Challenger has been in the process of radically overhauling its core operations,
shifting its focus from lifetime annuity payments with income from property investments to infrastructure investments.
The company's shares closed at $A3.96 on 27 February 2006, a two per cent decline.
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