Salvus slips from profit into loss

Salvus Strategic Investments' holdings of 15 companies include Hallenstein Glasson.

Investment fund Salvus Strategic Investments yesterday posted an annual net loss of $400,000, as accounting for unrealised losses in its portfolio slashed the previous year's profit.

Salvus, whose 15 holdings include Hallenstein Glasson, Pod and Mainfreight, said portfolio income primarily derived from dividends was substantially ahead of the previous year ended June 30, when it posted a net profit of $900,000.

A poor performance in textile company Pod, formerly Designer Textiles, was largely responsible for the unrealised portfolio losses, Salvus said.

The company said it expected its portfolio to perform well in a slowing economy.

Directors declared a final dividend of 2.5c a share, up 25 per cent on 2005, on the back of strong dividend income from investments.

Salvus shares rose 2.5 per cent to 83c.

- NZPA