Kina records net loss of K4.9mil


KINA Asset Management Ltd (KAML) has recorded a net loss of K4.9 million for the half-year ending June 30, chairman Sir Rabbie Namaliu says.
Sir Rabbie said that KAML’s return of minus 5.5 per cent was attributable to the sharp falls in global share markets caused by constraints on economic activity put in place by governments around the world to prevent the spread of the Covid-19.
“Unrealised losses on KAML’s shareholdings totalled K6.7 million,” he said.
In Australia, the largest share price falls were Worley, down 43.0 per cent; Sydney Airport, down 34.5 per cent; Mirvac Group, down 31.8 per cent; Suncorp Group down 28.8 per cent; Westpac Banking Corporation down 25.9 per cent; and ANZ Banking Group down 24.3 per cent.
Internationally, Vanguard International Share Index Fund was down 1.3 per cent, and BlackRock iShares International Wholesale Index Fund down 0.7 per cent.
In PNG, Oil Search Ltd shares fell 56.3 per cent; Credit Corporation was down 32.1 per cent; and Kina Securities was down 28.2 per cent over the review period.