LONDON (Alliance News) - Symphony International Holdings Ltd on Tuesday said its net asset value per share dropped in the first six months of the year.
In the period ended June, Symphony said NAV per share fall 28% to USD0.91 from USD1.27 at the end of calendar 2017.
The Asia-focused investment company's total NAV also decreased 28%, to USD447.1 million from USD618.7 million.
Symphony said the decrease was due to cash dividends paid to shareholders in the period along with the decrease in value of its portfolio, in particular Minor International PLC.
Symphony's investment in Minor International market value dropped to USD242.4 million from USD340.3 million.
Minor International sold 6 million shares in the period, dropping its share price by 26%. The weakening Thai baht also reduced Minor's market value.
Symphony's cash and cash equivalents at the end of the period decreased to USD7.3 million from USD11.9 million the year before, due to "certain temporary investments".
Looking ahead, Symphony said it is encouraged by the International Monetary Fund maintaining its global economic outlook of global GDP growth of 3.9% for 2018 and 2019.
In particular, two of the company's investments - Minor International and IHH Healthcare Bhd - made "material" acquisitions in the period.
Shares in Symphony were down 0.7% Tuesday at USD0.70 each in London on Tuesday.
Symphony (SIHL)