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JPMorgan Russian Securities swings to annual loss on investment losses
StockMarketWire.com
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JPMorgan Russian Securities swung to annual loss as losses on its investments weighed on performance.
For the year ended 31 October, the company reported a pre-tax loss of £59.4 million from a profit of £92.6 million year-on-year following an investment loss of £75.4 million compared with a gain of £72.4 million.
'The turmoil in global financial markets caused by the coronavirus (Covid-19) pandemic has also had a negative impact on the market in Russia and on the Company's results for this year,' the company said.
'Although the company's performance has been negative over the financial year, it did outperform its benchmark; the RTS Index in sterling terms. The company's total return to shareholders was -17.0%, against the benchmark decline of -20.7%,' it added.
The dividend was maintained at 35.0p per share.
Looking ahead, the company said its portfolio was 'well placed to benefit from an increase in global demand for both energy and materials, as well as from the expected pick up in the local economy.'
At 10:08am: (LON:JRS) JPMorgan Russian Securities Plc share price was 0p at 592p
Story provided by StockMarketWire.com
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