Originally Posted by
Snoopy
Yes I made a typo on the net profit figure. Now corrected.
I have added Milford to my comparison table as well. I see in the 'Milford Limited' accounts, in the income statement, that there was a fee of $136.594m paid to the parent Milford Asset Management company (the fee you pointed out FM). You would have to assume that all the cost allocations are done in accord with the parent company's wishes. So if the parent were to decrease the fee required to be paid (and I do note this management services fee jumped an astonishing by $59.010m from FY2020 to FY2021), then the declared profit of 'Milford Limited' can be whatever Milford management want it be (within reason). I guess net net profit margin of 7.21% is there to appease the kiwisaver scheme overseers, so Milford don't look too greedy?
SNOOPY
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