ARA reports 23% drop in Q3 earnings to $20 million
ARA Asset Management's third-quarter net profit plunged 23 per cent to $19.6 million on the back of lower acquisition and performance fees. Revenue for the three months to Sept 30 fell 26 per cent to $33.1 million compared with the same period last year.
Earnings for the first nine months came in at $55 million, unchanged from the same period before. Revenue also flatlined at about $96.6 million.
ARA chief executive John Lim noted that the world economy was still uncertain. Nonetheless, the firm's strategy for the next phase of growth involves exploring yuan-denominated funds in China and establishing specialist funds for strategic investors.
Quarterly earnings per share stood at 2.56 cents, compared with 3.3 cents a year earlier, while net asset value per share came in at 28.53 cents, up from 24.59 cents as of Dec 31.