July 21, 2020 / 2:32 AM / 19 days ago

Singapore investor Temasek's portfolio value falls 2.2% amid pandemic

SINGAPORE, July 21 (Reuters) - Singapore’s Temasek Holdings reported a 2.2% drop in annual net portfolio value (NPV) in a pandemic-hit year as it unveiled preliminary performance and said it was ready to invest in opportunities arising from volatile market conditions.

“Prior to the onset of the COVID-19 pandemic in the last quarter of the financial year ended 31 March 2020, Temasek’s NPV had been growing steadily and trending well,” Temasek said in a statement on Tuesday.

The drop in Temasek’s portfolio value to S$306 billion ($220.30 billion) in the latest year compared with a 1.6% gain to a record S$313 billion in the year-earlier period. ($1 = 1.3890 Singapore dollars) (Reporting by Anshuman Daga and Aradhana Aravindan)

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