KAML posts K7m net profit

Business, Normal

The National, Friday October 18th, 2013

 KINA Assets Management Limited (KAML) recorded a 17.5% investment return, according to its third quarter report.

Chairman Sir Rabbie Namaliu said KAML generated a net profit of K7 million for the year to date ending Sept 30.

“The income was attributable to valuation gains in listed equities, dividends received and favourable foreign exchange strategies employed by KAML,” he said.

Sir Rabbie said the investment portfolio increased by K6.3 million from K42.3 million at the end of Dec 2012 to K48.6 million at the end of the third quarter following a dividend payment of 4 toea per share in June of this year.

“KAML was able to take advantage of the depreciating kina by rebalancing its overweight offshore position to bring its domestic and international allocations within the neutral target range,” he said.

Sir Rabbie said fund managers Kina Funds Management (KFM) had indicated that the portfolio was well positioned to benefit from continued kina weakness in medium term.

He said, however, the fund had trimmed overseas investments closer to neutral target range with the portfolio now about 45% local and 55% offshore compared to the previous 40:60 allocation.