Kingfish full-year total shareholder return 16.3%

Monday 23rd May 2011 1 Comment

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%.

The fall in net profit reflected a lower gain in the fair value of investments of $9.2 million in the year to March, compared to a gain of $22.8 million the year before. Dividend income dropped to $2.6 million from $3.3 million.

The 16.3% total shareholder return, reflected gains in the Kingfish share price and dividends. It compared with a 5.3% 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%.

In accordance with the Kingfish policy to pay out 2% 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%, the adjusted NAV rose in each of the following three quarters.

NZPA

Comments from our readers

On 24 May 2011 at 9:59 am Happy investor said:

This isn't a "fall" in profit. This is $9m more added to asset values after $22m was added last year. There was 8.69cps paid out tax free so it's a great news not bad news story