LONDON (Alliance News) – JPMorgan Brazil Investment Trust PLC Friday said its loss per share widened, its share price tumbled and its net asset value dropped during the first half of the financial year.
The trust said its loss per share for the six month period ended October 30 came in at 20.75 pence, substantially wider than the 1.17 pence loss per share reported a year earlier. Its total negative return on net assets was 33.9%, whereas its benchmark index, the MSCI 10/4, recorded a negative return of 35.6%.
Its net asset value at the end of October stood at only 40.1 pence after dropping from 70.4 pence at the end of October 2014.
Its share price fell by around two thirds over the six month period, mainly driven by the devaluation Brazilian real against the pound.
“All the indications are that Brazil is suffering from a prolonged recession. After recording the sharpest fall in economic activity in over six years, recent data, including low levels of consumer confidence, suggest that the prospect of a recovery in the short-term remains questionable. The economy is unlikely to see a significant rebound without the much-needed economic reforms,” said the trust.
JPMorgan shares were down 1.7% to 35.25 pence per share.
By Joshua Warner; firstname.lastname@example.org; @JoshAlliance
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