19th Nov 2013 13:52
LONDON (Alliance News) - Utilico Emerging Markets Limited Tuesday said its net asset value per share fell by 6.4% on a total return basis when adding back dividends, while the MSCI Emerging Markets Total Return Index fell by 8.6% over the course of the half-year.
Reporting on the six months to September 30, Utilico Emerging Markets said it increased the dividends paid over the first two quarters to two installments of 1.525 pence, up from two installments of 1.375 pence last year.
"The world's stock markets appear to be recovering. We anticipate the recovery to be broadly based and to be stronger than expected in our sectors. This should benefit UEM, as we focus on stock selection and that investment strategy continues to work well," Alexander Zagoreos, Chairman, said in a statement.
It made a pretax loss of GBP29.1 million for the half-year, compared with GBP1.3 million for the corresponding period last year, after incurring significantly higher losses on investments, which totalled GBP34.2 million.
Revenue return improved, reaching GBP8.6 million from GBP7.8 million.
The decline in value of the company has resulted in it dropping out of the FTSE 250 Index in its September 2013 review.
By Samuel Agini; [email protected]; @samuelagini
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