31st Mar 2016 12:00
LONDON (Alliance News) - Symphony International Holdings PLC on Thursday said its pretax profit sank in 2015 due to a much lower gain on the fair value of its investments, while its net asset value per share also declined.
The group, which invests in Asian consumer businesses, said its pretax profit for the year to the end of December was USD15.5 million, down from USD115.7 million a year earlier. The decline was down to the fair value profit booked on its portfolio falling to USD38.4 million from USD137.9 million.
Symphony's net asset value per share also declined in the year, down to USD1.32 from USD1.35. Its total net asset value at the end of December was USD695.6 million, down from USD705.4 million.
Symphony said its investments in Parkway Life Real Estate Investment Trust, a healthcare real estate investor, and its Minuet Ltd joint venture in Thailand were both hit by currency depreciation, as was its holding in Malaysia-based healthcare company IHH Healthcare BhD. This was partially offset by a rise in the value of its investment in Minor International PCL, a Thailand-based hospitality firm and restaurants operator.
Symphony shares were down 4.5% to 0.75 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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