Profits: Argo Profit Down, Cautious Outlook

  Diversified investment company Argo Investments Ltd has posted a fall in & #160;annual net profit for the June 30 year, & #160;but one that was better than that & #160;recorded at the December half way.Argo had reported a 23.6% fall in interim earnings before unrealised gains and losses to & #36;71.6 million, but yesterday it said the company ended the year & #160;down 12.6%, thanks to a stronger second six months.Operating profit, the company's preferred measure of performance, excluding realised gains and losses from the sale of long-term investments, was down & #160;to & #36;142.8 million, meaning the company matched first half earnings in the second six month period.  

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