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Business |
Nasfund hits record K43million profit
Up 150% against
budgeted target of K17million
THE National Superannuation Fund (Nasfund) has continued to enjoy
a buoyant performance in the latest March quarter with pre-tax
profit hitting a record K43 million, up 150% against the budgeted
target of K17 million.
Nasfund’s chief operating officer Ian Tarutia said Nasfund’s net
asset valuation had increased by 6% since last December, rising
from K851 million to K902 million at the end of March.
The country’s improved economic conditions were also reflected by
a 2.5% increase in its employer base, which rose from 1,227 to
1,258 in this period, while employees contributing to Nasfund
increased from 86,245 to 88,154 in the first three months of this
year.
The group’s expenditure came in 8% below budget at K2.66 million,
with current reserves amounting to K52 million.
Mr Tarutia said Nasfund increased its stake in Ramu Sugar to 19%
during the quarter and also invested in downtown properties in
Port Moresby, Lae, Madang and Kokopo.
Members were also credited with a 10% interest rate with financial
statements distributed to all members.
During the period, investments included:
*51% of six titled properties covering the Burns Philp site
purchased, which provide a yield of 12%;
*A 10% placement of Ramu Sugar Ltd; and
*The four Able Computing commercial properties on lease back to
Able on an 11.5% yield.
Mr Tarutia said Nasfund would host two Bank of PNG employees on
secondment for at least two months, as part of the Central Bank’s
regulatory enhancement programme.
He noted that from May 9 employers with more than 15 workers would
be compelled to make superannuation contributions on behalf of
their employees.
“We have prepared ourselves for this event and are looking forward
to extending our services to a greater segment of the private
sector workforce once this requirement becomes effective,” he
said.
 
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