15th Jun 2015 15:59
LONDON (Alliance News) - JPMorgan Japan Smaller Co Trust PLC Monday said its net asset value total return comfortably outperformed its benchmark index in the last financial year.
In the year ended March 31, the trust said its net asset value total return rose 30.2%, compared to its benchmark index, the S&P/Citigroup Japan Extended Market Index, which rose 22.4% in the same period.
"Shareholders have enjoyed strong returns over the past three years and I am optimistic that the current favourable position of the Japanese equity market will again foster a satisfactory performance by our company in the period ahead," said Chairman Alan Clifton.
The trust said it expects aggregate earnings to continue to grow in 2015 and 2016, based on lower oil prices, currency tailwinds between the yen and dollar, increased capital expenditure by companies and because the trust's earnings per share are "likely to outgrow" pretax profit in 2015 due to the cut in the trust's corporation tax, it said.
JPMorgan Japan shares closed up 0.3% to 30.35 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
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