RESILIENCE IN CRISIS
The COVID-19 public health crisis has morphed into a global economic crisis and has now become a social and humanitarian crisis in many parts of the world: probably the worst since World War II, said Dilhan Pillay, CEO of Temasek International.
Up until the end of January, Temasek's Portfolio Value had trended well.
But the last quarter of the financial year ended 31st March 2020 saw their net portfolio impacted.
The impact, however, was less than what commenters had predicted.
And since the end of March, the market value of their listed assets has risen.
Temasek ended the financial year in a net cash position with a strong balance sheet, proving once again the resilience of its portfolio.
"This positions us well to ride through the tough times, to position our companies for future growth, and in other opportunities that may present themselves.
"During past crises, such as the GFC and SARS, Temasek had outperformed the market indices. The performance of our portfolio this last financial year continues this trend," said Dilhan Pillay.
Temasek's 2.3 per cent decline, compared with the steeper falls on the MSCI Singapore Index and the MSCI AC Asia ex-Japan Index, which fell 18.3 per cent and 9 per cent respectively, showed that it had stayed resilient. Globally, the MSCI World Index lost 5.8 per cent.
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