Kingfish full year total shareholder return 16.3 pct
Investment company Kingfish reported a fall in full year after tax profit to $9.7 million from $24.5 million the year before, while its total shareholder return was 16.3 percent.
Investment company Kingfish reported a fall in full year after tax profit to $9.7 million from $24.5 million the year before, while its total shareholder return was 16.3 percent.
The fall in net profit reflected a lower gain in the fair value of investments of $9.2m in the year to March, compared to a gain of $22.8m the year before. Dividend income dropped to $2.6m from $3.3m.
The 16.3 percent total shareholder return, reflected gains in the Kingfish share price and dividends. It compared with a 5.3 percent return on the NZX50 index, the basket of shares representing this country's top 50 listed companies, the company said.
Kingfish, which invests primarily in listed New Zealand companies, added Kathmandu, Fisher&Paykel Healthcare and Infratil to its portfolio during the year.
Those were funded by trimming the portfolio's investment in several holdings, notably Pumpkin Patch and Delegats' as they faced headwinds in their businesses, Kingfish said.
No holding had suffered a deterioration in prospects large enough for it to be sold out completely.
During the year, net asset value (NAV) per share, adjusted to included dividends, rose 9.8 percent.
In accordance with the Kingfish policy to pay out 2 percent of its NAV per quarter, the company said it paid four tax-paid dividends during the year amounting to a total of 8.69c per share. For the first quarter of 2012 the dividend was 2.26cps.
Fisher Funds managing director Carmel Fisher said that after a tough first quarter when Kingfish's adjusted NAV fell 7.2 percent, the adjusted NAV rose in each of the following three quarters.
NZPA
Fri, 20 May 2011
Fri, 20 May 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Kingfish full year total shareholder return 16.3 pct
14736