Fund records K193m profit

By MARK HAIHUIE
NAMBAWAN Super Limited has recorded a net profit of K193 million in its half-year update to members.
Chairman Anthony Smare made the announcement to members at a conference held at the International Convention Centre in Port Moresby yesterday.
“Nambawan Super has recorded a half year gross revenue of K272 million and a net profit of K193 million after tax for the six months to June 2016,” he said.
“The first-half results remain sound, around similar levels to the corresponding period in 2015, before revaluation of properties and unlisted quantities have been taken into account,” Smare said.
“This 2016 half-year result compares favorably to 2015’s full-year net profit after-tax result of K280 million.
“The 2016 half-year results have increased the members funds from K5.2 billion to K5.5 billion as at June 30, 2016 –  an increase of 6 per cent.” Smare credits the positive results to prudent and cautious investment of member’s funds.
“The challenging economic conditions are expected to remain throughout 2016 and our entire team at Nambawan Super will ensure that we ride out the present economic challenges while setting in place the foundations for long term sustained investment performance of the Fund.”
Nambawan Super Limited is the corporate trustee of the Public Officers Superannuation Fund. The Fund receives superannuation contributions on a monthly basis from members though remittance from their employers. This superannuation contributions are invested monitor and interests paid annually.