1st Oct 2019 17:31
(Alliance News) - APQ Global Ltd on Monday reported a fall in net assets but an earnings rise in the first half of 2019.
In the six months to June 30, net assets fell by 5.1% to USD72.5 million from USD76.4 million at the end of December and per share, it declined by 5.6% to 92.67 cents from 97.84 cents.
Shares in the company closed untraded in London on Tuesday, last quoted at 63.50 pence each.
Revenue grew sharply year-on-year to USD6.3 million from USD4,885, helped by the firm receiving USD6.0 million in dividends from investee APQ Cayman Ltd.
APQ Global reported a narrowed pretax loss of USD1.1 million, compared with USD14.9 million in the first half of 2018. The company booked a USD4.5 million net loss on financial assets during the period, down from the USD13.5 million it reported in the same period last year.
The firm paid dividends totalling 3.0 pence per share in the half, flat year-on-year.
APQ Global said: "During the period, the company selectively added to its emerging market equity exposure, adding some single name exposure across Brazil, Russia and Mexico. The company kept its position in City of London Investment Group. Additionally, we elected to add to our exposure to the MSCI Emerging Markets Index, taking advantage of growing momentum."
Looking ahead, the company said it expects the medium-term economic outlook to support emerging market stock, though it did added it will "remain conscious" of risk factors including the US and China trade war which "shows little sign of abating".
The company added: "The monetary policy outlook in the US and Europe increasingly points to a significant slowdown in the world economy going into next year and President Trump continues to throw the book at the post-war economic order."
By Eric Cunha; [email protected]
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