|
Symphony International Holdings Ltd on Friday reported a swing to profit during 2024 due to a fair value gain on assets, and said it remains optimistic in its outlook. The Asia-focused investment company focusing on the healthcare, hospitality, lifestyle, logistics and education sectors swung to a pretax profit of $56.8 million during 2024, from a loss of $102.2 million in 2023. This was due to profit in the fair value change in financial assets of $18.9 million for 2024, swung from a $103.4 million loss the year before. Other operating income multiplied to $48.6 million from $12.3 million, while management fees reduced 9.3% to $8.8 million from $9.7 million. Net asset value per share at December 31 was 85.33 US cents, up 15% from 74.27 cents the year before. ‘Generally, we saw financial markets make a strong recovery in 2024, driven by easing inflation and a more accommodative monetary policy. Central banks in the US and Europe reduced interest rates, while China introduced stimulus measures, benefiting a range of asset classes, including private equity and real estate,’ said Symphony International Chair Georges Gagnebin and Symphony Asia Holdings Pte Ltd Chair Anil Thadani. Gagnebin and Thadani continued: ‘In accordance with our updated strategy announced in 2023, Symphony is actively exploring full and partial exits for multiple investments. We anticipate making further announcements throughout the year. Barring ongoing geopolitical tensions, we are optimistic the market for private investments will continue to improve.’ Shares in Symphony International were up 1.5% at $0.35 each in London on Friday afternoon. The stock remains down 13% over the past year, however. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
