Net asset value grows 67% behind HK$1.48bln return from Kaisun Energy and HK$323.82mln from China Investment.
OP Financial Investments Limited (OP Financial), a professional investment company, announced its annual results for the year ended 31 March 2010. During the year under review, through significant developments in its main investments; the Group generated net profits of HK$473.07 million (2009: loss of HK$25.62 million).
The Group’s net assets as at 31 March 2010 significantly increased to HK$1.48 billion from HK$886.77 million a year ago. The net asset value per share increased by 67% to HK$1.89 (31 March 2009: HK$1.13). Earnings per share rose to HK60.3 cents from a loss of HK3.5 cents in 2009, according to an OP Financial report.
The substantial increase in the net assets come mainly from its two major direct investment projects: i) The Group’s position in Kaisun Energy Group Limited recorded a total investment return of approximately 235%, with current holdings worth HK$442.98 million; ii) New investments arranged with China Investment Corp in Nobel Holdings Investments Ltd grew to HK$323.82 million at the end of the year for an unrealized gain of 39.19%.
Meanwhile, through the Group’s Financial Service’s Platform, partnerships with asset management companies like CSOP Asset Management and Guotai Junan Fund Management performed well, contributing approximately HK$22.95 million for the year.
Mr. Zhang Zhi Ping, Chairman of OP Financial, said, “This Year marks a milestone for OP Financial. In less than three years, we fulfilled our objectives, delivering on promises we made in financial year 2008. Whilst accountability is amongst our most highly held ideals, we are equally committed to innovation and evolution. Looking ahead, our goals center around organic growth and optimizing existing investments while strengthening our financial position to meet the demands of the institutional and sovereign investment market.”
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