Papua New Guinea’s first listed investment company, Kina Asset Management Ltd (KAML), has announced a net profit of K4.73m ($US2.21m) in 2012, compared to a net loss of K9.43m (US$4.41m) the previous year.
The Chairman of KAML, Sir Rabbie Namaliu, said the turnaround was driven mainly by higher equities prices, dividends and favourable exchange rate movements.
‘The performance of the domestic listed equities, international listed equities and exchange traded fund exceeded their respective benchmarks, however the Global ex[cluding] Australian investments performed below the benchmark,’ he said.
KAML has added Newcrest Mining to its domestic portfolio in the past year, but has reduced its overall investment in PNG companies from 51.48% in 2011 to 40.02% last year.
Sir Rabbie said KAML would continue to invest 40% to 50% of its funds in domestic equities and 50% to 60% internationally.
He said KAML now has K42.35 million (US$19.81 million) under management, an increase of K6.18 million (US$2.89 million) in 2012.
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