LONDON (Alliance News) - Symphony International Holdings Ltd Wednesday said its net asset value declined over the six months to end-December, hit by a fall in the share prices of two of its investments and a weakening of Asian currencies.
The investment company said its portfolio faced some "headwinds" in the final quarter, while its net asset value at end-December was USD705.4 million or USD1.3473 per share, a 8.1% fall when compared with USD767.4 million or USD1.4657 per share at the end-September 2014.
"The change in NAV and NAV per share was predominantly due to a decrease in the share prices of IHH Healthcare Berhad and Minor International Pcl along with a weakening of Asian currencies against the US Dollar during the quarter," the company said.
Minor International is one of the largest hospitality and restaurant companies in the Asia Pacific region, while IHH Healthcare Berhad is a large healthcare provider.
Symphony's change in NAV per share also underperformed the MSCI AC World Index, which was up 0.1% in the period, the MSCI AC Asia Index, which was down 1.3% and MSCI Thailand Index, which fell by 5.0%.
Symphony's listed investments accounted for 66.5% of its net asset value at end-December, down from 69.2% at end-September.
"Although the long-term outlook for Asia remains positive, spillovers from geopolitical events and reduced growth expectations are promoting global risk aversion. Most Asian currencies have weakened against the US Dollar, the company said.
Symphony shares were trading 1.2% lower at USD0.800 Wednesday later morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Symphony (SIHL)