LONDON (Alliance News) - Adamas Finance Asia Ltd on Thursday said its net asset value fell in 2015 year-on-year due to delays in the disposals of major assets, but said it remains confident it will yield strong returns for shareholders in the long term.
The investment company said its NAV at December 31, 2015, was USD115.0 million, down from USD118.9 million the year before, following delays in its planned asset disposal programme against a backdrop of economic slowdown in the Chinese target market.
Adamas said it booked a USD2.3 million writedown on its valuation after failing to achieve the major disposals it had planned.
"I believe that while 2015 saw disappointing delays in our planned asset disposal programme, it also showed how our shift to income-generating investments, whilst still in its early stages, is already yielding high rates of return. Progress with new investments was unavoidably held back, which is frustrating in the light of our strong deal pipeline," Chairman John Croft said in a statement.
"Adamas is underpinned by the experienced Adamas team in Hong Kong, however, with proven expertise operating in the Chinese investment sector. I remain confident that in the long term their investment advice and fund management skills will yield strong returns for ADAM shareholders," Croft added.
Shares in Adamas were untraded on Thursday, last quoted at 0.450 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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