Singapore's state-linked investment firm Temasek Holdings said on July 07 that its net profit more than doubled in the year to March while the value of its global portfolio hit a record high. Net profit for the year ended March 31 totalled Sg$13 billion ($10.6 billion), compared with Sg$5.0 billion the previous year which reflected the impact of the global financial crisis.
The company which holds stakes in Singapore Airlines other firms in telecoms, finance and real estate among others also reported a record year-end portfolio value of Sg$193 billion, up from Sg$186 billion.
Net profit surged "due to higher contributions from Temasek investment activities and improved profits from it's portfolio companies," Temasek said in a statement. Total shareholder return was 4.6 percent during the financial year. Over a five-year period, total shareholder return stood at an average 7.0 percent, it said.
"During the year, Temasek maintained its steady pace of investments and divestments," it said. The profit rise is a sharp rebound for the state-linked investment company after a plunge of 26 percent in the previous financial year, which reflected heavy losses during the global financial crisis.
Temasek chairman S. Dhanabalan said the firm had performed well despite remaining challenges for the world economy.
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