(Alliance News) - Allianz Technology Trust PLC on Tuesday said it swung to a profit in the six months ended June 30.
The London-based technology investment company said net asset value per share on June 30 was 299.7 pence, up 30% from 231.0p on December 31, underperforming the Dow Jones World Technology Index by 3.3%.
For the first six months of 2023, Allianz swung to a pretax profit of GBP272.5 million from a pretax loss of GBP449.9 million a year prior, partly driven by gains on investments of GBP275.1 million.
Total net assets for the period grew by 90% to GBP1.9 million from GBP1.0 million the year before.
Looking ahead, the company said it expects to benefit from artificial intelligence, saying growth opportunities are likely.
Shares in Allianz were up 0.5% at 275.29 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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Allianz Technology Trust (ATT)