KAML explains loss
The National, Wednesday July 1st, 2015
Kina Asset Management Ltd (KAML) has attributed the company’s decrease in financial performance during the past financial year, to foreign exchange pegging and valuation loss.
KAML recorded a net loss of K0.39 million for the year compared to net profit of K8.19 million for the previous corresponding period.
During the annual general meeting (AGM) yesterday, chairman Sir Rabbie Namaliu said in 2014, economic uncertainty continued to purvey all sectors of industry and commerce throughout the world.
KAML’s investment portfolio had declined by K1.99 million from K49.99 million compared to previous year to K48 million.
However, he noted in the company’s annual report that despite the company’s results for the past year, encouraging economic indications suggested that improvement may be forthcoming for the company.
KAML generated a cash profit of K2.5 million, which was an increase by 13.6 per cent from previous year.
Sir Rabbie said the company’s performance for the year was mixed.
“Our (KAML) domestic investments performed below their benchmark, while our international investments outperformed their respective benchmark,” he said.
“Our positive results were an attribution of our strategy to perpetually monitor and re-evaluate each position, whilst holding domestic equities which we believe possess attractive yields.
“Our international equities, our preference for large-cap financial stocks continued to underpin our international approach.
“Our international portfolio anchored by high yielding financials, while providing an avenue of growth through our more variable assets. Recently, our Australian equities outperformed their ASX/S&P 50 benchmark.”
Meanwhile, during the AGM yesterday, the meeting considered and accepted Sir Rabbie’s retirement by rotation and subsequent re-election as a director of the company in accordance with the company constitution.
Sir Rabbie announced during the meeting that a dividend of 4 toea per share had been declared.
He said that KAML has a new website.