VietNam Holding Ltd on Monday said net asset value fell in its latest financial year amid a ‘gloomy’ global climate, although it also repurchased over 1.5 million shares.
The Guernsey-based investment trust, which backs high-growth companies in Vietnam, said its NAV at June 30 was 329.0 pence per share, down from 363.0p on the same day in 2022.
VietNam Holding said the NAV total return was negative 5.7% for the year ended June 30, although this still outperformed the Vietnam All Share Index which delivered negative 10.0%.
Meanwhile during the year, VietNam Holding repurchased 1.5 million shares at an average price of 303.10p each.
Cash and equivalents at June 30 totalled $1.8 million, down from $8.2 million at the same time one year prior.
VietNam Holding’s net loss for the year widened to $8.6 million from $7.7 million. It declared no dividend, unchanged from the year before.
The trust said markets in Vietnam continue to face challenges, but its macroeconomic climate is ‘stronger than in many other frontier and emerging economies’ with less pronounced inflation than in the US and Europe.
Chair Hiroshi Funaki said financial 2023 ‘has been a turbulent year globally, including in Vietnam’ but that the country ‘remains a dynamic investment opportunity’ with ‘tremendous and distinctive’ potential.
He added: ‘While the global mood is gloomy, we believe Vietnam remains a bright spot - an attractive investment destination with good prospects for further growth over the years to come.’
VietNam Holding shares were down 0.3% at 304.00 pence on Monday in London.
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