SINGAPORE (May 4): Investment holding company TIH Limited announced an 83% drop in 1Q earnings of $0.5 million from a year ago while total comprehensive income of came in at $14.39 million.
There was a fair value gain on available-for-sale investments of $13.85 million due to increase in fair value of Fortune Code. A loan granted to a portfolio company also resulted in interest income of $0.84 million and fair value gains of $0.66 million were made on investments.
The gains were offset partially by operating expenses of $0.96 million.
As at March 31, the group’s net asset value (NAV) per share was 56 cents, up from 50 cents per share as at Dec 31, 2016 due to fair value gain in Fortune Code of $13.9 million and investments at fair value through profit or loss of $0.7 million.
“We have had a good start to 2017, and will continue to look out for attractive investment opportunities in Asia, including special situations and deleveraging by corporates. At the same time, TIH IM will continue to source for third-party assets to manage or deploy in return for recurring fee income,” says Allen Wang, executive director of TIH and CEO of TIH Investment Management.
Adds Kin Chan, chairman of TIH: “Backed by our strong network in Southeast Asia and Greater China, TIH will continue to broaden our investment capabilities and portfolio diversity so as to bring long-term value and greater returns to our shareholders.”
Shares of TIH closed 1 cent lower at 57 cents on Thursday.
