This week on Business PNG, we feature Kina Asset Management Limited’s 10.3 percent increase in net profits. The PNG owned company, released its first quarter results early last week along with other companies listed on the Port Moresby Stock Exchange.
In a statement also released last week by the company, it was stated that foreign currency gains from valuation of offshore investment, driven by the depreciation of the Kina against its major trading partners and the increase in share prices of Credit Corporation, Oil Search, Westpac and Transurban Group contributed significantly to the strong gain.
Business PNG spoke to Kina Group of Companies CEO Syd Yates, who stated that during the quarter in review, a total of 1,121,917 KAML shares were traded at an average price of K1.09.
Also in this week’s episode we look at Biomass energy and revisit the revolutionary technique for energy production. Using organic materials; this renewable energy technology taps into natural cycles and systems, turning the energy all around us into usable electricity.
Currently being trialled and tested in the Markham Valley, the region can expect to begin using electricity from biomass in the next couple of years.