Firm performs well in first half of year

 KINA Asset Management Ltd (KAML) says it has continued to improve performance in first half of this year despite continued uncertainty in the world markets.

The company said that resulted with an investment gain of K2.3 million, which represented a return of 4.8 per cent, surpassing its first quarter performance of K1.3 million and 2.8 per cent respectively.

KAML chairman Sir Rabbie Namaliu said factors that drove its return were consistent returns derived from domestic equities, better than expected performance of Australia Stock Exchange (ASX), as well as gains in global funds.

KAML’s positive performance was driven in large part by significant gains from the portfolio’s largest constituent, Bank of South Pacific and steady gains from its ASX equities – Transurban and Mirvac.

“We continue seeing opportunities emerging as the world’s major economies continued improving throughout the period, which should have undoubtedly increased global economic performance creating greater employment opportunities and confidence in all industries leading to stronger equity returns across the globe,” Sir Rabbie said.

In summarising current global economy that transpired during the period – KAML’s licensed investment manager, Kina Funds Management (KFM) noted that US growth was beginning to gain momentum underpinned by resilient consumer demand, supported by solid labor income growth and sustained low energy prices. 

KAML also declared a dividend of 2 toea per share at its annual general meeting held on June 30. 

This is the first year KAML had offered ‘direct crediting’ of dividends into shareholder’s accounts, spearheaded by engagement of the company’s new share registry, PNG Registries Ltd.

KAML closed the half year at a share price of K1.0 and a net tangible asset of K1.08 per share.