28th Aug 2019 13:05
(Alliance News) - Consumer-focused investment firm Symphony International Holdings PLC said Wednesday its asset value surged a fifth as the value of Minor International Public Co Ltd jumped.
For the six months ended June, net asset value per share ended 20% higher at USD1.09 from USD0.91 the year prior. This was after net assets jumped 14% to USD560.4 million from USD492.7 million six months earlier.
The improvement was primarily due to an increase in the value of its holding in hospitality and consumer goods firm Minor International, as well as some of its unlisted investments. The value of its Minor stake grew to USD312.7 million, up 21% from USD257.8 million six months earlier.
Shares in Symphony were 2.6% higher at USD0.60 in London on Wednesday.
"Following a strong start to the year and continued positive momentum of equity markets through to the end of the first half of 2019, investor sentiment has weakened," Symphony Chair Pierangelo Bottinelli said.
Symphony did not propose an interim dividend.
"Uncertainty over trade tensions and slowing economic growth impacted financial markets during the start of the third quarter, despite a more dovish stance by central banks," Bottinelli added. "Although downside risks for the global economy are elevated in the short-term to medium-term, we expect that further measures will be taken by governments to stimulate growth."
"Our long-term outlook for growth in the region is positive and we continue to focus on providing shareholders with a diversified exposure to attractive businesses and strong management teams," Bottinelli continued. "We continue to see strong deal-flow and we are evaluating opportunities to further expand and diversify Symphony's portfolio."
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