Ann: HALFYR: BRM: Resilient portfolio delivers $4.5m interim profit for BRM

• Release Date: 22/02/16 16:45
• Summary: HALFYR: BRM: Resilient portfolio delivers $4.5m interim profit for BRM
• Price Sensitive: No
• Download Document  4.7KB

					BRM
22/02/2016 16:45
HALFYR
PRICE SENSITIVE
REL: 1645 HRS Barramundi Limited

HALFYR: BRM: Resilient portfolio delivers $4.5m interim profit for BRM

Barramundi Limited
Results for announcement to the market
Reporting period 6 months to 31 December 2015
Previous reporting period 6 months to 31 December 2014

The interim financial statements attached to this report have been reviewed
by PricewaterhouseCoopers and are not subject to a qualification. A copy of
the independent review report applicable to the interim financial statements
is attached to this announcement.

 Current period NZ$000; up/(down)% Previous reporting period NZ$000
Total net income from ordinary activities 6,560; 90.6%, 3,441;
Profit from ordinary activities after tax attributable to security holders
4,467; 167%,  1,673;
Net profit attributable to security holders 4,467; 167%, 1,673;

Dividend Barramundi will pay a partially imputed quarterly dividend of
1.37cps as part of its long-term distribution policy.
Ex-dividend date 10 March 2016
Record date 11 March 2016
Dividend payment date 24 March 2016

Net asset value per share 31 December 2015: $0.70

For immediate release:

22 February 2016

Resilient portfolio delivers $4.5m interim profit for Barramundi

o Interim 2016 net operating profit $4.5m
o Adjusted net asset value* per share +4.9%
o Total shareholder return* -1.7%
o 2.77 cents per share in dividends paid during the period

NZX-listed investment company Barramundi Limited (NZX: BRM) today announced a
net operating profit after tax of $4.5m for the six month period ended 31
December 2015 (1H15: net profit $1.7m).

The result includes gains on investments of $6.6m, dividend and interest
income of $1.5m less operating expenses and tax of $2.1m. It also includes a
$5.1m foreign exchange loss due to the NZD/AUD cross rate moving against us
which was offset by currency hedge gains of $3.6m. The Manager has currency
hedging in place to reduce portfolio volatility and help protect the value of
the portfolio in New Zealand dollar terms.

Barramundi outperformed during the period with adjusted net asset value
(NAV)* increasing 4.9% compared to the benchmark index^ which rose 2.3% over
the same period. The decline in total shareholder return (TSR)* of 1.7%
reflects an easing of the share price by 4 cents over the six months despite
the positive portfolio performance.

Since inception in October 2006, Barramundi's adjusted NAV* is up 24.6%, well
ahead of the benchmark index^ which is up 8.0% over the same period.

In accordance with company's distribution policy (2.0% of average NAV per
quarter), a total of 2.77 cents per share was paid to Barramundi shareholders
during the six months ended 31 December 2015. The Board has declared a
dividend of 1.37 cents per share to be paid to shareholders on 24 March 2016
with a record date of 11 March 2016.

Barramundi's Chairman, Alistair Ryan, said: "We have been pleased that
Barramundi's share portfolio has proven resilient in a difficult market
thanks to a portfolio of quality companies that can grow their earnings
despite a challenging overall economy in Australia."

Portfolio Manager, Manuel Greenland, said: "For the six months to 31 December
2015 Barramundi continued to benefit from investments in companies with
resilient earnings. Our focus remains firmly on investing in businesses with
strong sustainable competitive advantages and genuine growth potential."

Mr Greenland added: "We have been consistent in our view that the Australian
economy will adapt to changing dynamics in commodities, currencies and
interest rates. We are encouraged by positive signs from the domestic
economy."

For further information please contact:

Carmel Fisher
Managing Director
Fisher Funds Management Limited
Tel: (09) 484 0342

*Adjusted NAV and total shareholder return assume all dividends are
reinvested, but exclude imputation credits

^Benchmark index: S&P/ASX Small Ords Industrial Gross Index until 30
September 2015 & S&P/ASX 200 Index (hedged 70% to NZD) from 1 October 2015.

About Barramundi
Barramundi is a listed investment company that invests in growing Australian
companies. The Barramundi portfolio is managed by Fisher Funds, a specialist
fund manager with a track record of successfully investing in growth company
shares. The aim of Barramundi is to offer investors competitive returns
through capital growth and dividends, and access to a diversified portfolio
of investments through a single, tax-efficient investment vehicle. Barramundi
listed on the NZX Main Board on 26 October 2006 and may invest in companies
listed on the Australian Securities Exchange (with a primary focus on those
outside the top 20 at the time of investment) or unlisted companies. /ends
End CA:00278098 For:BRM    Type:HALFYR     Time:2016-02-22 16:45:49