Another lean year for Salt, Mint and NZ Funds Management

NZ Funds Management managed to squeeze out a 63% jump in annual net profit to $1.2 million, but only thanks to a tax benefit that accounted for almost all of that.

Its pre-tax result was just $90,000, down from $904,000 the previous year while revenue fell 3% to $32.7 million and expenses were flat.

Nevertheless, NZ Funds' owners paid themselves $2.8 million in dividends, although that was down on the $8.1 million payout last year.

The company's fees for investment management fell 4.4% to $29.4 million while fees for financial advice jumped 13.5% to $2.5 million, net of rebates.