Kina says it provides fund management services to 90pc of market

KINA Securities Limited (KSL) now provides fund management services to 90 per cent of the market, according to the company.
According to the company’s 2017 full-year results released on Monday, fund management revenue had increased to K10.2 million in 2017.
The key highlight was the success of the Kina funds administration in signing the agreement to provide services to PNG’s largest superannuation fund – Nasfund.
The Funds administration service recorded revenues of K12.5 million.
This is budgeted to increase to K16.5 million in 2018.
Kina now provides fund administration services to 90 per cent of the market.
The company reported a statutory net profit of K23 million and an underlying profit of K30 million for 2017 – a performance in line with last year’s mid-year guidance.
The financial result compares with statutory and underlying profit of K41 million in the previous corresponding 12 month period, as per a recent Port Moresby Stock Exchange announcement by Kina.
The 2017 result was impacted by lower foreign exchange income in the first half year due to the lack of a USD correspondent bank partner and a one-off lease termination payment expense of K7 million.
Meanwhile, KSL noted that the PNG economy grew by an estimated 2.2 per cent in 2017.
Overall Gross Domestic Product is expected to increase by 2.4 per cent in 2018.
Non-mineral GDP growth is expected to pick up from 1.9 per cent to 3.5 per cent in 2018 driven by policies to support agriculture, fisheries and forestry.