KAML posts net profit of K4.26mil

PAPUA New Guinea’s first publicly-listed investment company Kina Asset Management Ltd (KAML) has reported a net profit of K4.26 million for the calendar year 2009.
The end-of-financial year report also showed that KAML’s investment portfolio increased by K3.64 million, or 9.38 %, from K40.89 million at the end of December 2008 to K44.72 million at the end of last year.
 KAML chairman Sir Rabbie Namaliu, who presented KAML’s financial statements and reports of directors and auditors to shareholders at its annual general meeting yesterday, said the increase was due to the exchange gain and valuation gain on its international portfolio and dual-listed stocks.
Sir Rabbie said investment also increased by K1.5 million for the period in review, exclusive of exchange rate and K5.39 million, inclusive of exchange rate representing strong returns of 3.67% and 12.59%, respectively.
The chairman acknowledged that despite the challenges of the past two years in managing the on-going effect of global financial crises, KAML was able to declare its first dividend to shareholders.
He stressed: “Declaring the first dividend is  no mean feat for a fledging company, but clearly demonstrates a number of important factors.