February 13, 2019 / 10:55 PM / 9 days ago

Australia's Magellan Financial Group posts 61.5 pct rise in H1 profit

Feb 14 (Reuters) - Australian fund manager Magellan Financial Group reported a 61.5 percent rise in its first-half net profit on Thursday, boosted by a jump in performance fees and sustained growth in management fees.

Adjusted net profit, that excludes one-offs, came in at A$176.3 million ($124.94 million) for the six-months ended Dec. 31, compared with A$109.2 million a year ago.

The group’s revenue was up over 40 pct to A$275.6 million.

$1 = 1.4110 Australian dollars Reporting by Shriya Ramakrishnan in Bengaluru; editing by Diane Craft

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