29.2 C
Port Moresby
January 27, 2021
News

Kina Assets Management Announces Record Profit For 2013

Share the News
PAPUA New Guinea’s first listed investment company, Kina Asset Management Limited, has delivered an 18% increase in its investment portfolio, for 2013.

Kina Assets announced a net profit after tax of 8.1 million kina, compared to 4.6 million kina in 2012.

 

Kina Assets Management’s investment portfolio increased by 7.7 million kina at December 2012, to 50.3 million kina by December 31, 2013.

 

KAML Chairman, Sir Rabbie Namaliu, said the record increase in portfolio value, was attributed to listed equities and offshore assets gains and dividends received.

 

He said this good performance reflects the long term investment strategy embarked on by KAML, when it was launched six years ago, as a vehicle for PNG-based investors to benefit from domestic, and international growth opportunities.

 

Sir Rabbie said the annual performance of domestic-listed equities, together with the international listed equities and Global ex-ASX investments, exceeded their respective benchmarks set by the KAML Board.

 

He said the investment strategy KAML used to achieve the record return, saw domestic equities on the KSi Home Index, and the S&P Australian Stock Exchange 50 receiving 40 to 50% target range of the total investment.

 

Sir Rabbie said in the fourth quarter, the global economy continued its recovery, with European countries showing strong growth while the emerging economies remained dampened.

 

Since the commencement of the LNG construction in 2010, average annual growth has increased to 9%, however economic activity in the non-mineral sector, slowed in 2013 as a result of the wind down of the construction phase of the LNG project.

Related posts

Discussions on Mining Operations Dominates Parliament Sitting

EMTV Online

PNC taken to Morata

EMTV Online

Westpac, CA, ANZ, AB likely to reap $12.6 billion

EMTV Online
error: Content is protected !!