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Queensland-based investment and funds management group Trinity has claimed to be making a solid turnaround despite reporting a net loss of $38 million for the six months to the end of December.
The company said the headline loss had been largely attributable to valuation write-downs of Trinity’s investment in the Trinity Enhanced Return Fund and the group’s investment properties.
Commenting on the result, Trinity chairman Brett Heading said that despite the loss, the result marked a significant turnaround for Trinity.
“Trinity has made significant progress over the last six months with particular focus on capital stabilisation, which has been a high priority of the board and management alike,” he said. “We also feel that the bottom of the asset price cycle has been reached and there is a reasonable expectation that we will see valuation-based losses ease by June 2010.”
Looking specifically at Trinity’s funds management business, Trinity Funds Management Limited, the company said the outlook remained positive with the business continuing to manage approximately $800 million in assets following an extensive independent review process.
