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Aberdeen New India Trust Outperforms Benchmark With Positive Return

14th Jun 2018 12:11

LONDON (Alliance News) - Aberdeen New India Investment Trust PLC said Thursday it outperformed its benchmark in its most recent financial year as a result of "robust stock selection", particularly in the financial and healthcare sectors.

As at March 31 the investment trust's net asset value total return was 0.4%, comparing favourably to the negative 1.7% total return set by its MSCI India Index benchmark.

The company's share price on that date, however, had fallen 3.5% to 426.00 pence from 441.50p the previous year. The company's discount to NAV had widened as a result to 13% from 9.5%.

On Thursday, shares in Aberdeen New India Investment Trust were down 1.8% at 450.00p.

The trust's annual pretax profit fell sharply to GBP1.3 million from GBP74.3 million. Net assets were GBP289.4 million, steady with GBP288.2 million a year prior.

The company is not declaring a dividend.

Aberdeen New India noted that there were a number of factors in India, where the trust primarily invests, that affect its performance. These include inflation, bad debts and trade restrictions.

Nonetheless, the company was optimistic in its outlook.

"Earnings also seem to be turning around, and the picture could improve further if the economy continues to rebound and the incipient consumer-demand recovery gains strength," said Aberdeen New India Chairman Hasan Askari.

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