The National, Thursday 30th May 2013
By GYNNIE KERO
KINA Asset Management Ltd (KAML) recorded a net profit of K4.73 million last year as against a net loss of K9.73 million in 2011.
The company’s investment portfolio expanded from K37.37 million in 2011 to K42.35 million last year, up K6.18 million, the company’s 2012 report said.
KAML chairman Sir Rabbie Namaliu said: “The year 2012 was a year of contrasts in global financial markets as the global economy faced many headwinds with the ongoing European debt crisis, the US fiscal cliff and the economic slowdown in major emerging economies, including China.”
However, the year also saw the gradual recovery continuing in the US and the eurozone with economic activity expanding at a pace just slightly ahead of guidance.
He said important indicators had shown that the Papua New Guinea economy continued to grow despite the highly volatile period of global markets.
“The nation continues to present itself as an emerging economy with continued potential for long term investment based on the development of mining, petroleum and gas hydrocarbons and the non-mining sector including agricultural resources and relative political stability.”
Chief executive and managing director Syd Yates said KAML’s asset allocation strategy into regional and global markets was the driving force in securing the returns for the shareholders last year.
“KAML was able to generate an investment gain of K6.10 million for the year ending Dec 12 2012, representing a return of 14.85%.”
During the year, KAML increased its target allocation to PNG from 30% to a target geographical allocation of 40-50% domestic, Yates said.