Metrics Master Income Trust (MXT) H2 2023 earnings summary

Executive summary

• Revenue from ordinary activities rose 96% to $142.6m for the year ended 30 June 2023, with profit up 102% to $136.1m year-over-year.

• Net asset value remained stable at $1.76bn, with 882m units on issue at $2.00 NTA per unit.

• The Fund delivered a net compound return of 8.00%, outperforming its RBA Cash Rate +3.25% p.a. target.

• Monthly income distributions totaled 15.48 cents per unit, with a post-year-end distribution of 1.57 cents per unit declared.

• Portfolio exposure increased to 300 assets, with 101 new investments and 70 exits during the year.

Financial highlights

• Revenue: $142.6m (up from $72.8m); Profit: $136.1m (up from $67.3m) year-over-year.

• Distributions paid: $136.4m (15.48 CPU), up from $67.5m (8.70 CPU) prior year.

• Total assets: $1,777.7m; Net tangible assets per unit: $2.00 (unchanged year-over-year).

• Basic and diluted EPS: 15.45 cents (up from 8.74 cents).

• Cash and cash equivalents at year-end: $1.25m.

Outlook and guidance

• The Fund will continue to be managed in line with its investment objectives and guidelines.

• Future results will depend on investment market performance; past returns are not indicative of future performance.

• Risk management and selective investment approach will be prioritized amid challenging economic conditions.