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Value Partners reports 74.4% plunge in 2011 net profit

Mar. 14, 2012 (China Knowledge) - Value Partners Group Ltd<0806>, the largest fund company in Hong Kong by asset size under management, said yesterday that its profit attributable to equity holders of the company fell 74.4% year on year to HK$167.3 million last year, mainly due to a sharp decline in performance fees and a mark-to-market loss on its fund investments.

Basic earnings per share were 9.5 HK cents last year, 76.3% less than in the previous year. The company proposed a final dividend of 5.8 HK cents per share.

Value Partners saw its total revenue drop 35.9% year on year to HK$688.9 million in 2011.  Gross management fees surged 42.9% year on year to HK$ 491.4 million during the period, while gross performance fees dived 80.3% to HK$139.5.

The company's assets under management were US$7.2 billion at the end of last year, down 9.9% from a year earlier, and had risen to US$7.7 billion as of Jan. 31, 2012.

Last year, the group completed the acquisition of a 55.46% stake in Taiwan-based fund management firm Value Partners Concord Asset Management Co (VP Concord) and subsequently increased its stake to slightly over 60%. The group also set up a joint venture private equity fund management company in Kunming, Yunnan Province.

Value Partners Group, established in 1993, is a dedicated value investor with a focus on the Greater China. In November 2007, the group became the only asset management firm listed on the main board of the Hong Kong bourse.

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