Announcement of 2011 Results
02/07/2012 | 05:12am
SGX-ST Release
7 February 2012
GIL RECORDED A JUMP IN PROFIT OF 84.8% FOR THE FULL YEAR 2011
Global Investments Limited (the "Company") has today released
its financial results for the quarter and year ended 31
December 2011.
For the full year 2011, the Company and its subsidiaries
("the Group") recorded a net profit after tax of
S$12.2 million which was 84.8% higher than the profit of
S$6.6 million in 2010 and the highest since
2007. For the quarter ended 31 December 2011, the Group
achieved a net profit after tax of S$2.0 million versus S$3.0
million for 4Q 10.
Revenue for the full year was S$20.5 million compared to
S$24.6 million in 2010. The decrease in revenue was due
mainly to the absence of foreign exchange gains of S$6.8
million recorded in 2010 being partially offset by the gains
of S$2.5 million and S$1.1 million from the sale of Newgate
Funding
2006-3 Series Residuals and AHM 2005-4 RMBS in 2011,
respectively. Total expenses fell by 55.0% to S$7.6 million
in 2011 from S$16.9 million in 2010. The decrease was due
mainly to lower impairment charges and all-round reduction in
other operating expenses.
Total comprehensive income for the year ended 31 December
2011 was S$10.3 million, 63.5% higher than the S$6.3 million
recorded for the year ended 31 December 2010. For the quarter
ended 31
December 2011, the Company achieved a total comprehensive
income of S$0.09 million compared to
S$0.77 million for 4Q 2010. Earnings per share rose by 51.9%
from 1.54 cents for the year ended 31
December 2010 to 2.34 cents for the year ended 31 December
2011. The Group achieved a return on equity of 9.0% in 2011
compared to 5.5% in 2010.
The net asset value per share of the Group as at 31 December
2011 was 27 Singapore cents after the payment of interim
dividend of 0.75 cents per share on 12 September 2011. If the
2011 Rights Issue had been completed before 31 December 2010,
the Net Asset Value per Share as at 31 December 2010 would
have been 26 Singapore cents and the increase in Net Asset
Value per Share would be 6.7% for the year ended 31 December
2011.
Further details on the performance of the Group for the
quarter and year ended 31 December 2011 have been included in
the SGX Report released today.
CHANGE OF FUNCTIONAL CURRENCY
From 1 January 2012, the functional currency of the Company
and the Group will be changed from United States dollar to
Singapore dollar ("SGD"). This is to reflect the currency of
the primary economic environment in which the Company and the
Group operate, having regard to their financing, investing
and operating activities.
The presentation currency of the Company and the Group will
remain in SGD.
The change in functional currency will apply prospectively
for the financial year beginning 1 January
2012.
By order of the Board of Directors
Date: 7 February 2012
Ends
Further Information:
Tan Mui Hong
President & CEO
ST Asset Management
Ltd gohmh@stassetmgt.com
+65 6828 8189
About Global Investments Limited
( http://www.globalinvestmentslimited.com
)
Global Investments Limited ("GIL") is a mutual fund company
incorporated in Bermuda that provides investors access to a
diversified portfolio of assets and economic exposures. GIL
is managed by ST Asset Management Ltd.
