Singapore investment firm Temasek's net profit down 15.4%
AFPSINGAPORE -- Singapore's state-linked investment firm Temasek Holdings said Thursday its net profit in the last fiscal year fell 15.4 percent to SG$11 billion (US$8.7 billion) amid a slower global economy.
July 6, 2012, 12:57 am TWN
However, Temasek said the net value of its worldwide portfolio went up 2.6 percent to SG$198 billion in the year ended March 31 from the previous financial year.
Temasek said it invested a total of SG$22 billion during the year and divested SG$15 billion.
By the end of March, Temasek had 72 percent of its investments in Asia and the Singapore home market, down from 77 percent as it increased its stakes in Australia and New Zealand as well as North America and Europe.
Its investments in Australia and New Zealand accounted for 14 percent, up from 12 percent.
North America and Europe investments climbed to 11 percent from 8 percent.
Temasek pared back its investments in financial services to 31 percent from 36 percent — a move analysts saw as a result of risks associated with the eurozone debt crisis.
It also cut investments in transport and industrials to 21 percent from 23 percent.
The company however raised its investments in telecommunications, media and technology, life sciences, consumer and real estate as well as energy and resources.
“Urbanization and middle income population growth continue to underpin the long term transformation of Asia and other growth economies,” said Temasek Chief Executive Ho Ching.