Last checked at 
LONDON (Alliance News) - Pacific Assets Trust PLC Thursday cut its dividend by 15% after its net asset value fell in the last financial year, but said it still outperformed its benchmark index.
The trust said its share price total return fell 2.5% in the financial year to the end of January, compared to a 37% rise the year before whilst its net asset value total return fell 6.6% compared to a 32.6% gain a year earlier.
Its net asset value at the end of January was 191.2 pence per share, falling from 207.2 pence a year earlier.
Pacific Asset's benchmark, MSCI All Country Asia ex Japan Index, saw its total return fall 13.1% in the year compared to the 24.1% gain the year before.
Pacific Assets cut its dividend for the year to 2.2 pence from 2.6 pence, representing a 15% drop.
Pacific Assets shares were up 0.1% to 193.0 pence per share on Thursday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.