25th Oct 2013 09:04
LONDON (Alliance News) - Symphony International Holdings Limited Friday said its net asset value declined slightly against a backdrop of volatility in the Asian financial markets over the third quarter.
Symphony invests in consumer businesses in the healthcare, hospitality and lifestyle sectors that are based principally in Asia. It said its NAV per share was USD671.5 million on September 30, slightly below the USD675.2 million recorded on June 30.
NAV per share was USD1.30 compared to USD1.31, respectively, on the same dates.
The change in NAV during the third quarter was predominantly due to movements in share prices and currency rates, while listed investments comprised a larger proportion of NAV on September 30 as a result of an increase in the value of the company's healthcare-related listed investments.
"Continued volatility in financial markets may weigh on the value of Symphony's investments in the short to medium term, but the long-term outlook remains unchanged. It is expected that Symphony's investments will continue to benefit from the rise of the middle class in Asia, and ensuing growth and incomes across the region," the company said in a statement.
Anil Thadani, the chairman of Symphony Investment Managers Limited and a director of Symphony International Holdings, said he expects the operating performance of Symphony's portfolio companies to remain unaffected by Asian market volatility, even if NAV has been negatively affected.
Symphony shares were Friday morning quoted at USD0.755, up 0.7%.
By Samuel Agini; [email protected]; @samuelagini
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