21st Apr 2023 12:33
(Alliance News) - Henderson Far East Income Ltd on Friday said NAV total return fell for the half-year ended February 28.
The investor Asia Pacific-focused investor said its net asset value per share at February 28 was 257.71 pence, down 8.3% from a NAV per share of 281.11p at August 31 2022.
Henderson Far East added that its half-year NAV total return was negative 4.0%, which outperformed the FTSE All-World Asia Pacific ex Japan Index, but remained behind the high-yield dividend MSCI AC Asia Pacific ex Japan index.
This resulted partly from political tensions in China, which resulted in "considerable profit taking" in the country's securities over the course of February, Henderson Far East explained.
The company also reported growth in its half year net assets to GBP410.5 million, down 9.5% from GBP435.6 million at August 31.
The company declared a second interim dividend of 6.00p per share, up 1.7% from 5.90p per share the year prior.
Looking ahead, Henderson Far East said it expects positive earnings growth and dividend increases as prospects improve in the region following China's relaxation of Covid-19 restrictions.
Chair Ronald Gould said: "With attractive valuations providing opportunities across the region, we expect 2023/24 to be a more satisfying investment environment."
Shares in Henderson Far East were down 0.5% at 262.20p each in London on Friday afternoon.
By Sabrina Penty; Alliance News reporter
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