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IOOF shares down on flat underlying profit

AAP logoAAP 9/08/2016

Shares in financial services business IOOF have fallen in early trade after the company reported flat underlying net profit of $173.4 million.

IOOF, which operates the Shadforth, Lonsdale and Ord Minnett wealth management businesses as well as financial advisory services, lifted net profit for the 12 months to June 30 to $196.8 million, but that 42 per cent increase was due to income from asset sales.

IOOF said it recorded a 14th consecutive quarter of net inflows into its investment platforms, but its shares were down 39 cents, or 4.2 per cent, to $8.93 at 1025 AEST.

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