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Value Partners (00806) expects '18 profit to fall 89%
11 Jan 2019
(Infocast News) Value Partners Group (00806) expects its consolidated profit attributable to the equity holders of the company for the year of 2018 to fall 89% on year to HK$220 million.

The expected decrease is mainly due to:

(i) a reduction in performance fee income (2018 unaudited estimate: HK$56 million; 2017: HK$2.571 billion) as returns for most of the relevant funds under management did not surpass their previous high watermark or benchmark as at 31 December 2018; nevertheless, despite the weakened market sentiment, a net inflow of assets under management for the group in 2018 bolstered management fees, partially offsetting the drag from performance fees; and

(ii) an absence of net fair-value gains and realized gains of the group's seed capital investments and investments in its own funds. Net fair value gains and realized gains stood at HK$199 million for 2017 compared to a net loss in 2018 (unaudited estimate at HK$170 million).

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