27th Jan 2023 12:24
(Alliance News) - BlackRock Sustainable American Income Trust PLC on Friday said net asset value per share had increased, but fell short of its reference index.
The investment company with portfolio of primarily large-cap US equities, formerly called BlackRock North American Income Trust PLC, said NAV per share at the financial 2022 year-end, October 31, was 213.25 pence, up 3.4% from 206.08p a year ago.
The company said NAV total return over the year to October 31 was positive 7.4%, down 79% from positive 36% the year prior, and falling short of the 11% rise in the Russell 1000 Value Index, BlackRock Sustainable's reference index. The company added that at January 23, NAV had risen by 0.7% since October 31, compared with a 1.4% decrease in the reference index.
BlackRock Sustainable declared a total dividend of 8.00p per share, made up of four interim dividends of 2.00p per share, unchanged from 2021.
The company said pretax profit for financial 2022 was GBP3.5 million, down 5% from GBP3.7 million a year ago.
BlackRock Sustainable said the resilient US labour market has so far protected the US economy from slowdown due to high inflation and tighter monetary policy, but notes that the "odds have now shifted towards a recession in 2023".
The investment trust added that higher financing costs and a reduction in real disposable income will be a headwind for the US economy in the coming year.
BlackRock Sustainable shares were down 0.6% trading at 201.74p per share on Friday afternoon in London.
By Harvey Dorset, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.