19th Aug 2016 06:52
LONDON (Alliance News) - Asia-focused investment company Symphony International Holdings Ltd said Friday the six months to June saw increased volatility in financial markets but reported a pretax profit, compared to a loss the year previously.
Symphony International said its NAV per share was USD1.3315 on a fully diluted basis, up 5.1% from USD1.2638 the year before. NAV increased by 4.3% to USD712.5 million from USD683.2 million in March. The company reported a pretax profit of USD55.8 million for the period, compared to a loss of USD9.4 million the year previously.
The investment company said the change in NAV and NAV per share was due to the strengthening in share price of Minor International PCL, IHH Healthcare Bhd and Parkway Life Real Estate Investment Trust, in addition to the appreciation of the Thai baht, Singapore dollar and Malaysian ringgit against the US dollar.
Symphony International said it anticipates further volatility in financial markets, due to the UK's decision to leave the European Union, the "deterioration" in the economic environments of China and Japan, and the uncertainty surrounding the US election, but said its long-term outlook for Asia remains positive.
By Lucy Heming; [email protected]
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