Washington H Soul Pattinson's first-half profit has grown 22.6 per cent after rising coal prices boosted returns from its stake in miner New Hope.
The investment company lifted profit for the six months to January 31 to $179.2 million from $146.2 million a year earlier, driven by a 27.3 per cent increase in contributions from its half stake in New Hope.
New Hope increased its interest in the Bengalla mine to 80 per cent during the reporting period, and the higher coal prices and a lower Australian dollar boosted the coal miner's profits.
"They're great results from an earnings perspective," chief executive Todd Barlow told AAP.
"We saw all of our major properties performing very strongly."
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New Hope only had an 80 per cent stake in Bengalla for two months of the reporting period, Mr Barlow noted, so he expects the miner to perform even better next half.
New Hope acquired the additional stake from Wesfarmers and Japan's Mitsui & Co last year.
WHSP also has a 43.8 per cent interest in Brickworks, which on Thursday reported an 18.1 per cent increase in first-half profit.
"Brickworks had a strong result, driven by earnings from investments and the property division which highlights the benefits of diversification and the robustness of Brickworks' portfolio of assets," Mr Millner said.
Strong share price performances by New Hope, TPG Telecom and Brickworks helped lift the value of WHSP's portfolio 10.2 per cent on the prior corresponding period.
That was against the backdrop of a 6.7 per cent fall in the ASX All Ordinaries Index.
"Our portfolio is defensive by design," Mr Barlow said.
"So we would expect our portfolio would continue to outperform over a very long period of time."
Over the past 15 years WHSP shares are up sixfold while the market has increased just two and a half times, Mr Millner said.
WHSP lifted its interim for a 21st straight year, from 23 to 24 cents, fully franked.
At 1044 AEDT Soul Pattinson shares were down 1.22 per cent to $28.27.
WHSP RISES AGAIN
* First-half net profit up 22.6% to $179.2m
* Revenue up 31.6% to $723.3m
* Interim dividend up one cent to 24 cents, fully franked
