Ashmore Group H1 Profit Rises

reported an increase in its pretax profit for the first-half of the year. The company posted a pretax profit of 110.7 million pounds ($170.5 million) in the six months ending December 31, 2014, versus GBP80.8 million, in the year-ago period. Profit attributable to equity holders of the parent jumped to 89.6 million pounds, or 11.50 pence per share, compared to 46.1 million pounds, or 9.01 pence per share, in the year-earlier period. Its net revenue surged to GBP164.0 million versus GBP134.6 million. At December 31, 2014, assets under management slipped to $63.7 billion, versus $75.0 billion at June 30, 2014. Ashmore announced its plans to pay an interim dividend of 4.55 pence per share, up from 4.45 pence, a year ago. Mark Coombs, Chief Executive Officer said, "Ashmore's profit before tax improved by 37% to GBP110.7 million, despite challenging market conditions that led to an 8% decline in average AuM."