Temasek portfolio hits record $193 billion
TEMASEK Holdings said on Thursday that the value of its portfolio reached a record high $193 billion at the end of its last financial year, while its net profit more than doubled from a year ago.
Its portfolio grew from a previous record of $186 in the preceding year, and it grew its net profit from $4.6 billion to $12.7 billion for the year ended March 31.
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However, its one-year total returns to shareholders rose a modest 4.6 per cent, the firm said on the release of its annual report.
Mr S. Dhanabalan, chairman of Temasek Holdings, said in a statement: 'While Asia rebounded swiftly in 2010, the USA and European economies continued to face uncertainties. Rising debt burdens, inflation risks and political upheaval in the Middle East, tested the resilience of the global economic recovery.
'Against this backdrop, Temasek continued its steady investment and divestment pace, ending the year with a net cash position in anticipation of opportunities ahead.'
The firm made $13 billion of investments in firms such as Hutchison Port Holdings Trust, and also took part in the rights issue of China Construction Bank. It also made $9 billion of divestments. Speaking at a media conference, Mr Dilhan Pillay Sandrasegara - head of portfolio management - said the European debt crisis would present headwinds to growth while the US risks an extended period of modest growth.
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_688436.html
Photo credit: ST PHOTO- SAMUEL HE
Its portfolio grew from a previous record of $186 in the preceding year, and it grew its net profit from $4.6 billion to $12.7 billion for the year ended March 31.
Mr S. Dhanabalan, chairman of Temasek Holdings, said in a statement: 'While Asia rebounded swiftly in 2010, the USA and European economies continued to face uncertainties. Rising debt burdens, inflation risks and political upheaval in the Middle East, tested the resilience of the global economic recovery.
'Against this backdrop, Temasek continued its steady investment and divestment pace, ending the year with a net cash position in anticipation of opportunities ahead.'
The firm made $13 billion of investments in firms such as Hutchison Port Holdings Trust, and also took part in the rights issue of China Construction Bank. It also made $9 billion of divestments. Speaking at a media conference, Mr Dilhan Pillay Sandrasegara - head of portfolio management - said the European debt crisis would present headwinds to growth while the US risks an extended period of modest growth.
http://www.straitstimes.com/BreakingNews/Money/Story/STIStory_688436.html
Photo credit: ST PHOTO- SAMUEL HE
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