SHARON E BARNABAS
THE Kina Assets Management Ltd (KAML) has announced a net profit of K529,765 after tax for the half-year ending June 30, this year.
During the period from Dec 31, 2008, to June 30, the total investment portfolio increased by K342,950 (0.86%), of which cash portfolio constituted K19.44 million (47.13 %) while total market value for the equities portfolio was K21.81 million (52.87%), KAML chairman Sir Rabbie Namaliu told shareholders at the company’s first annual general meeting in Port Moresby yesterday.
The increase was due to the foreign exchange gains and valuation gains of international equities, he said.
“The successful float and subsequent launch of Papua New Guinea’s first managed investment company on Port Moresby Stock Exchange (POMSoX) has been a success story in itself, and represents a milestone achievement in our nation’s burgeoning economic history,” Sir Rabbie said.
He said, since the initial launch on July 15 last year, where KAML traded over 110,000 shares, it had invested in a strong basket of diversified stocks, both locally and internationally, and are regarded as strong assets despite being impacted by the financial crisis and would rebound when the global financial crisis fully recovers.
KAML also closed 21% (K1.21) higher at the end of the year compared to its initial K1 issue price.
“As a managed investment group, we are continuing to make a considered move to invest both responsibly and proactively in the market place and will continue to identify ongoing opportunities to increase our portfolio for the benefit of our shareholders.”
“We have maintained a large percentage of funds in cash investment and will continue to manage in a financially conservative manner in line with the global recovery,” he said.
Chief executive officer Syd Yates said the market was very volatile at the moment and they are “very choosy” when considering investment opportunities.
“Whilst the economy has felt the strain of global pressures, there is a strong confidence in the major development projects being actively pursued and forecast for the economy remains encouraging.
“KAML has also continued to be of interest to investors, with strong movements recorded on the POMSoX since its initial listing,” he said.