31st Jul 2014 11:25
LONDON (Alliance News) - Princess Private Equity Holding Ltd Thursday said that its net asset value increased by 1.9% to EUR 8.20 per share in June, with positive moves in its portfolio partly offset by unfavourable currency movements.
In a statement, Princess Private Equity said that the upward move in NAV was mainly driven by its direct investments, namely Trimco International and Universal Services of America.
Trimco International is a leading Asia-headquartered supplier of a full range of garment labels, tags and trimming products to blue-chip global apparel companies.
"The strong performance was due to increased product sales to major clients and cost control initiatives implemented during the past year. Furthermore, a new enterprise resource planning platform was successfully rolled out in the company's Hong Kong-based facilities, and will be implemented across other regions throughout the rest of the year which is expected to result in further efficiencies," Princess said in a statement.
Universal Services of America is a provider of diversified security services to building management companies across the US.
"The company was written up as revenue and adjusted earnings before interest, tax, depreciation and amortisation increased, driven by acquisitions completed earlier in the year as well as organic growth in its core guard service provision business," Princess said.
The private equity and private debt investor also said that distributions over the reporting period came predominately from Princess' legacy third party fund portfolio.
Princess shares were Thursday quoted up 0.2% at EUR6.59.
By Samuel Agini; [email protected]; @samuelagini
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