Utilico, which invests predominantly in infrastructure, utility and related sectors, mainly in emerging markets, trod water in the second quarter of 2012.
The investment firm's net asset value (NAV) total return, including dividends, was zero in the April to June quarter, which the company said was a good performance considering its benchmark index, the MSCI Emerging Markets Total Return index (sterling adjusted) was down 7.1% over the same period.
NAV per share at the end of June stood at 173.83p, down from 175.60p at the end of March. The company's share price reduced from 164.00p at 31st March 2012 to 161.00p at 30th June 2012, a decrease of 1.8%. The share price's discount to NAV per share widened from 6.6% to 7.4% over the same period.
Utilico Emerging Markets' (UEM's) gross assets less current liabilities (excluding debt) at the beginning of the period under review were £382.9m and increased by £5.3m to £388.2m at the end of June 2012. Ordinary shareholders funds decreased by £3.8m to £374.7m.
Bank debt rose from £4.4m at the end of the first quarter of 2012 to £12.2m at the end of the second. The bank debt was drawn £9.0m in US dollars and £3.2m in euros.
"The investment environment is challenging and is likely to remain so. A great deal of uncertainty surrounds Greece, Italy, Spain and Portugal and the Eurozone. However, UEM and emerging markets generally continue to outpace the major developed markets in terms of growth and we are positive on the portfolio's long term prospects," the group's outlook statement concluded.
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