NASFUND posted a profit before tax of K84.9 million for its half-year results, despite a harsh backdrop of global financial and economic downturn.
“Though the markets are still tough, Nasfund’s success year-to-date has largely been on the exchange rate movements,” the country’s leading super fund said in its newsletter.
Despite the tough domestic market, Nasfund has disclosed its half-year results to June 30 this year profit of K84.9 million before tax.
Nasfund pointed out it was important to note that though the markets were still tough, its success during the period in review had largely been on the exchange rate movements.
Of the international unrealised gains, a large component had been due to favourable exchange gains, like the fall in the kina against the Australian dollar and the gross domestic product (GDP).
Maximising also on the short-term opportunities with a higher allocation, Nasfund did not rely on the LNG project as a catalyst for development but as further impetus to its property development programme which would also signal a continuation (of the programme) but with a more controlled and targeted pace over the next three years.
However, if for any reasons the LNG project was shelved, Nasfund would seriously reconsider its proposed development of the 45-apartment complex known as “The Edge” at Harbour City.
Nasfund admitted to be “overweight” from an investment perspective in property to capitalise on the demand for quality commercial and residential accommodation. Nasfund is optimistic with its 60%-owned Heritage Park Hotel with 46 rooms, 26 apartments, a restaurant and night club that began operating late last month.