Symphony International reports second quarter increase in NAV

Symphony International reported a 4.3% increase in its net asset value for the three months ending on 30 June, in comparison to the previous quarter, to reach $712.5m.

The London-listed investor in fast-growing Asian consumer businesses attributed the rise to gains in the share prices of its three major investments, Minor International, IHH Healthcare Berhad and Parkway Life Real Estate Investment Trust alongside the appreciation in the value of several South East Asian currencies versus the US dollar, such as the Thai baht, the Singapore dollar and the Malaysian ringgit.

That drove a gain in its NAV per share from $1.29 to $1.35.

The long-term outlook for the region remained positive despite renewed volatility in financial markets during the second quarter due to multiple geopolitical and economic events, the company said in a statement.

Temporary investments - including cash and its equivalents - and listed investments stood at $524.7m or 99 cents per share at the end of the period.

Shares in Symphony International finished the session 2.71% higher at $0.77.