28th Feb 2014 15:23
LONDON (Alliance News) - City Natural Resources High Yield Trust PLC said its net asset value total return for the half-year stood at -6.7% while its benchmark index delivered a total return of 3.1%.
The investment firm said its share price performance in the six months end-December was broadly in line with that of its net asset value, a total return of -8.3%, meaning that the discount at which its share trade widened to 18.9% from 17.2%.
City Natural said its earnings declined to 2.51 pence per share from 3.15 pence per share during the period, due to the strength of sterling, with the Australian and Canadian dollars down by more than 10%.
"Whether this sterling strength is justified over the medium term is an interesting question, but managing your company's income remains a challenge in such volatile currency markets," the firm said.
The company paid a first interim dividend of 0.86 pence in November and will pay a second at the same price Friday.
The stock was trading at 133.44 pence, down 0.19 pence or 0.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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