1st Mar 2016 11:19
LONDON (Alliance News) - Symphony International Holdings Ltd Tuesday said its net asset value declined 2.2% in 2015, although it saw an uplift in the fourth quarter, outperforming its benchmark indices.
The investment company with a focus on consumer-related businesses in the Asia-Pacific region said its net asset value as at the end of 2015 was USD1.3172, down 2.2% from USD1.3473 at the end of 2014.
However, this was up from USD1.1611 as at the end of September. The company said that, excluding the impact of a USD30 million dividend it paid in 2015, its net asset value would have increased 2.9% in 2015, compared to a 2.7% decline in the MSCI AC Asia Index.
During the year Symphony explored a number of investment opportunities, some of which are ongoing and it hopes to complete in 2016. It also sold some of its investment in IHH Healthcare Berhad, generating around USD23 million in proceeds.
Symphony said it continues to see more volatility in financial markets, but expressed confidence in the long term fundamentals for "growing wealth and consumerism in Asia", which will benefit its portfolio in the long run.
"An improvement in sentiment in the fourth quarter positively impacted our portfolio, particularly Symphony's listed investments. Symphony's NAV increased by 13.4%, which outperformed the MSCI indices that we benchmark our performance against. We expect continued volatility in financial markets during 2016, however our long-term positive outlook for Asia remains intact," said Chairman Anil Thandani in a statement.
Shares in Symphony International were up 3.8% at 0.680 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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