Key Points
- Interim Fully Franked Dividend of 3.5 cents per share declared on 31 January 2017
- After tax operating loss for the period to 31 December 2016 was $18.4 million
- Corporate expenses down 29.7% (6.5% excluding non-recurring items)
Investment Portfolio
HHV’s investment portfolio was negatively impacted in the December quarter of 2016, due to its large exposure to cash, gold mining companies and two specific investments. These positions weighed on the performance, particularly after the US presidential candidate Donald Trump’s electoral victory.
Despite fears of a Brexit-like market slump, the US market rallied strongly as participants focused on tax cuts and infrastructure spending, rather than on the potential for tariffs and trade wars. Telecommunications company, Vocus Communications Ltd and cancer treatment pioneer Sirtex Medical Ltd, both major holdings for HHV, revised down earnings guidance leading to share price declines of 54% and 46% respectively.
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