Investor Net Asset Value Falls 4% in 1Q
April 21 2016 - 6:35AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Investor AB (INVE-B.SK) Thursday reported a 4% fall
in the net asset value of its investment portfolio in the first
quarter as the stock-market prices of its listed holdings
declined.
The net asset value was 344 Swedish kronor ($42) a share on Mar.
31, a decrease of SEK13 a share from three months earlier.
Investor is the investment vehicle of Sweden's powerful
Wallenberg family and owns stakes in some of the country's largest
companies, including telecommunications giant Ericsson (ERIC),
industrial-equipment maker Atlas Copco AB (ATCO-A.SK) and retail
and corporate lender Skandinaviska Enskilda Banken AB
(SEB-A.SK).
Investor said it bought SEK125 million of additional shares in
Atlas Copco through the quarter.
Chief Executive Johan Forssell said Investor's financial
flexibility remains strong, and it will look for investment
opportunities in existing and new companies in future. However, he
cautioned on the current wave of negative interest rates in the
Nordic region. "I find negative interest rates quite disturbing. In
my world, there has to be a cost of capital. If there is not,
something is wrong and the consequences could prove costly."
Investor reported a net loss of SEK9.69 billion in the first
quarter, compared with a net profit of SEK34.01 billion in the same
period the previous year. It expects to receive approximately
SEK8.2 billion of dividends in 2016, an increase of about 6% from
last year, it said.
Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter:
@domchopping @WSJNordics
(END) Dow Jones Newswires
April 21, 2016 06:20 ET (10:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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