LONDON (Thomson Financial) - Guernsey-based fund manager Queen's Walk
Investment Ltd. swung to a net profit of 0.8 million euros for the June quarter
compared with a loss of 17.1 million at the end of March.
The company said its cash position remained strong at about 35.9 million as
at June 30.
The 4.1 million in fair value write-downs of the company's investment
portfolio were significantly lower during the quarter compared with the 22
million hit taken by March-end, it said.
NAV as of June 30 was 6.32 euros per share, against 6.42 euros in the
previous quarter.
The board recommended a dividend of 0.15 euros per share for the quarter.
Chairman Tom Chandos said: "...Queen's Walk is well positioned to take
advantage of the opportunities that have arisen from the dislocation in the
asset-backed securities (ABS) market, through purchasing performing assets at
substantial discounts."
The company said that subsequent to the quarter-end, it has made 4.3 million
euros worth of new investments in asset-backed bonds which have an unlevered
cash on cash yield in excess of 13 percent.
The company added that cash generation remains on track.
TFN.newsdesk@thomson.com
ran/jlw
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