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Symphony International Holdings is an Investment Trust

To increase the aggregate NAV of the Group calculated in accordance with the policies of the company through strategic longer-term investments in consumer related businesses, primarily in the healthcare, hospitality and lifestyle sectors.

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EARNINGS: Symphony bemoans "weak global demand"; Aseana sells assets

Tue, 26th Sep 2023 15:32

(Alliance News) - The following is a round-up of earnings of London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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Schroders Capital Global Innovation Trust PLC - London-based investment trust focused on a diversified portfolio of global private and public equity companies - As of June 30, reports a net asset value per share of 24.73 pence, down 23% from 32.08p year-on-year. The NAV also represented a 13% decline relative to 28.52p on December 31, and a 6.1% decline relative to 26.35p on March 31. Says there were three main detractors to performance over the half-year period. Explains that the listed share price of artificial-intelligence-enabled drug discovery and development company, BenevolentAI, declined by 61% and was further discounted because of a lack of liquidity in its listed shares. Further, AMO Pharma reported that its Phase 3 REACH-COM clinical trial for AMO-02, a clinical stage investigational medicine for the treatment of congenital myotonic dystrophy, did not meet its primary efficacy endpoint. Finally, the share price of Oxford Nanopore, the company's largest holding, declined by 14% over the period. Chair Tim Edwards adds: "On [September 8] the board started a large programme to repurchase shares for cancellation and alongside this, Schroders Capital will continue to invest in private opportunities in line with the company's global mandate."

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CATCo Reinsurance Opportunities Fund Ltd - Bermuda-based closed-ended fund - As of June 30, reports June 30 NAV per share of USD1.80, versus USD1.50 on January 1. Says this increase is due to further upside recorded relating to positive development on the 2018 and 2019 reinsurance portfolios plus interest income. Also as at June 30, reports total assets of USD13.4 million, down from USD21.7 million a year prior, but up from USD12.0 million as at December 31.

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Symphony International Holdings Ltd - Asia-focused investment company focusing on healthcare, hospitality, lifestyle, logistics and education sectors - Reports NAV per share as at June 30 of USD0.7862, versus USD0.8906 at March 31. For the six months ended June 30, posts pretax loss of USD80.3 million from USD6.4 million year-on-year, and an investment loss of USD73.2 million from USD4.0 million a year prior. Looking ahead, says that while the first half of the year was "generally positive" for risk assets across most markets, inflation and the ability of the US Federal Reserve to steer a soft landing with higher interest rates "remain key concerns". Adds that "weakening global demand" is expected to continue in the short term to weigh on most Asian economies and subdue growth that will affect some businesses. Maintains, however, that "the fundamental long-term growth drivers in Asia remain intact".

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Aseana Properties Ltd - Property developer in Malaysia and Vietnam - For the six months ended June 30, reports pretax loss of USD6.1 million, widened from loss of USD12.5 million a year prior. Reports revenue of USD99,000, from nil in the same period the previous year, and USD980,000 for the year ended December 31. Chair Nicholas John Paris says: "Our operating revenues continued to decline and despite significant cost cutting initiatives, operating losses and cash outflows have been inevitable due largely to debt service payments...Further sale discussions are underway on some of our remaining assets. Our aim continues to be to seek asset sales in a controlled, orderly and timely manner in order to pay down remaining debts and then return surplus sale proceeds to our shareholders. Due to the current difficult economic environment and the inherent nature of the remaining illiquid assets, the board will remain open to assessing all options to meet our debt obligations."

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Blackstone Loan Financing Ltd - Invests in floating-rate senior secured loans and bonds and in collateralised loan obligations - Reports NAV per share at June 30 of EUR0.6761 versus EUR0.6784 at December 31. Declares dividend of EUR0.0475 from EUR0.0450 year-on-year. Looking ahead, says it is focused on an orderly portfolio wind down, and the return of cash to shareholders.

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By Holly Beveridge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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