Kina Asset Management Limited (KAML), Papua New Guinea’s first and only listed investment company, has announced a return of 7.2% for the first quarter of 2013.
In a statement, the Chairman of KAML Sir Rabbie Namaliu said the increase of US$1.45m (K3.2m) in the investment portfolio to US$20.66m (K45.5m) was due to valuation gains from listed securities and dividends.
The continued growth follows a return to profit in KAML’s 2012 annual results, announced in March.
Sir Rabbie said while international shares were ‘generally positive’, the European market had experienced ‘severe volatility’. He also said a falling kina had helped the value of KAML’s international investments.
He said the PNG equity market, the Port Moresby Stock Exchange, was generally stable, with some companies’ shares, such as those of Credit Corporation and City Pharmacy, increasing in price.
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