Listed private equity-style investment group HGL has reported a record net profit of $10.5 million for 2004, up by 6 per cent, and has predicted an even better year ahead as its portfolio of Australian equities and unlisted businesses produce commanding returns.

HGL derived most of its earnings, $5.6 million, from companies in imports and distribution. Its $21 million share portfolio, which includes sizeable positions in funds manager Hunter Hall International and the reinvigorated Reinsurance Australia, supplied the remainder.