Diversified investor Washington H Soul Pattinson’s (WHSP) increased full year profit by 67 per cent and the company says it has plenty of cash to grow its portfolio.

WHSP generated a net profit of $363.9 million in the 12 months to July 31, up from $218.3 million in the previous corresponding period.

The growth came primarily from one-off transactions by coal miner New Hope, in which WHSP holds a 60 per cent stake.

New Hope’s sale of Arrow Energy shares and its stake in the Lenton coal project delivered some $356 million in profit.

Excluding one off items, New Hope’s regular contribution to WHSP was lower than the previous year, due to the higher Australian dollar, increased transport costs and flooding in Queensland.

WHSP’s net profit before significant items was therefore also down on the last fiscal year, falling 11 per cent to $161.2 million.

Chairman Robert Millner said he was pleased with the performance given the impact of Queensland’s floods on New Hope’s operations.

Brickworks, of which WHSP owns 45 per cent, also delivered a lower profit contribution in fiscal 2011, with its net profit down 8.5 per cent.

Among WHSP’s other investments, TPG Telecom and Ruralco increased their contributions.

The company has a robust balance sheet with cash reserves of $276 million, with no borrowing, Mr Millner said.

“This means we are in a great position to move quickly on investment opportunities,” he said.

Capital will be required for the expansion of Cloncurry copper sulphate producer CopperChem, in which WHSP holds a 52 per cent stake, Mr Millner said.

The company will pay a fully franked final dividend of 25 cents per share, taking the full year payment to 40 cents, compared with 34 cents a year earlier.

WHSP shares fell 18 cents, or 1.5 per cent, to $12.17 as the broader market slumped 2.6 per cent.