Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

JP Morgan Chin IT (JMC)

  Print      Mail a friend       Annual reports

Wednesday 25 May, 2011

JP Morgan Chin IT

Half Yearly Report

RNS Number : 2937H
JPMorgan Chinese Inv Tst PLC
25 May 2011
 



LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN CHINESE INVESTMENT TRUST PLC

 

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED

31ST MARCH 2011

 

Chairman's Statement

 

Performance

The equity markets across the Greater China region continued to rise over the six months to 31st March 2011, despite ongoing inflationary concerns and monetary tightening measures in China: coupled with ongoing conflict in the Middle East and latterly the devastating Tohoku earthquake. It is pleasing to report that, during this period, the Company's return on net assets with net dividends reinvested increased by 7.1%.  This compares favourably to the return of the Company's benchmark, the MSCI Golden Dragon Index , which increased by 4.5% (in sterling terms).  Over the same period, the Company's return to Ordinary shareholders, which included a final dividend of 1.5p, increased by 4.9%. The lower return reflects a modest widening of the discount to net asset value ('NAV') per Ordinary share from 5.1% to 6.1%.

 

Gearing

The Company has a £20 million credit facility with Scotiabank which gives the Investment Managers the ability to gear tactically.  The Board has given the Investment Managers the flexibility to gear the portfolio up to 115% invested.  During the period the level of gearing has ranged between 104.0% and 106.2%, ending the half year at 105.2%.

 

Share Issues and Repurchases in the Period

During the period, the Company issued 500,000 Ordinary shares for a total consideration of £886,000 at a weighted average premium diluted to NAV of 2.5%. In addition, the Company issued 40,617 Ordinary shares as a result of the exercise of Subscription Share Rights.  At the time of writing, the Company's issued share capital consists of 77,852,510 Ordinary shares and 12,745,898 Subscription shares.

 

Subscription Shares

Since the bonus issue of Subscription shares in April 2008 up to the date of this report, a total of 1,390,509 Subscription shares have been exercised into Ordinary shares raising proceeds of £2.0 million. Further details on the Subscription shares, including the apportionment of the base cost for capital gains tax purposes and how they may be exercised, can be found on page 17 of the half-yearly financial report and on the Company's website at www.jpmchinese.co.uk

 

Outlook

The economic setting to 2011 should continue to be positive for Greater China equities, with domestic economic growth and supportive global monetary policy underpinning markets. Despite inflationary pressures limiting China's equity market performance in the short term, the investment managers believe that valuations are attractive. Taiwan will continue to benefit from the twin trends of global export market recovery and increasing inflows of mainland tourists and repatriation of liquidity from overseas. Hong Kong's growth as an offshore international finance centre for China should continue to underpin equity market performance.

 

 

Nigel Melville

Chairman                                                                                                                     25 May 2011

 

 

Investment Managers' Report

 

Over the 6-month period ending March 2011, the Company achieved a total return of +7.1%, outperforming the benchmark return of +4.5% by 2.6%.

 

Stock selection was strong across all three Greater China markets and added most to outperformance. Allocation detracted some value given the portfolio's overweight in China which underperformed in the last quarter of 2010. Stock selection however more than compensated for this being strongest in China, followed by Taiwan and Hong Kong. The Fund's gearing over the period also added to returns.

 

We remain optimistic about Greater China markets, despite the increased volatility, and will be selectively accumulating positions on any weakness as a result. 

 

China Review

Although positive macro indicators suggested China's economy was gaining momentum as it entered the last quarter of 2010, higher-than-expected inflation and the ensuing tightening measures (a 0.50% rise in interest rates on 10 December and a further 0.25% rise on 25 December) resulted in the relative underperformance of the China stock market.

 

However, over the first quarter in 2011, China equities outperformed both Hong Kong and Taiwan equities in volatile trading with both the MSCI China Index and domestic A-Shares (CSI 300 Index) edging upward (about 3% quarter on quarter).

 

China Outlook

We expect continued government measures to temper inflation expectations, including interest rate increases, open market operations, loan quotas and price guidance/controls on selective products. Although fighting inflation remains a short-term priority and the market could remain volatile amid the uncertainty of external environments and government measures, we think the market will re-focus on growth prospects when inflation pressure recedes. However, sustained high oil prices could trigger upside risks to inflation, though China is less vulnerable than most other countries given government-controlled prices for major oil products and grains. With the policy headwinds, we expect economic growth could soften in the second quarter of 2011 and gradually reaccelerate in the second half to average about 9% for the 2011 financial year.

 

Hong Kong Review

Over the fourth quarter 2010, the MSCI Hong Kong was led higher by property stocks as confidence grew that government cooling measures would not derail the investment attractiveness of physical properties. The market rallied as sustained loose monetary conditions and a strong pick-up in economic activity bolstered investors' confidence. Continued talks of the internationalisation of the Renminbi and the associated liquidity benefits for Hong Kong as China's international financial centre buoyed local bank shares.

 

Hong Kong equities reversed this course over the first quarter of 2011 and underperformed the China and regional markets. Part of the underperformance was driven by the continuing trend of fund flows out of emerging markets. While the Hong Kong budget contained measures to expand property supply in the long term, there were no further demand restrictions.  The government also bowed to public pressure by giving out HKD6,000 (£465) to every citizen in cash, even as inflationary concerns remain. Government measures announced in late 2010 have had little impact on rising property price trends, with prices up over 10% since November. Corporate earnings results were generally strong, especially for those companies geared towards the domestic and China economies.

 

 

Hong Kong Outlook

As property prices are still on the rise, we remain on the lookout for additional government measures given public pressure over high property prices. With the increasing integration of financial markets with the Mainland, there are also concerns that local dollar liquidity is being drained by depositors buying Renminbi and companies borrowing in Hong Kong dollars for use on the Mainland. While this situation could benefit local banks in terms of their pricing power on loans, tighter liquidity conditions could hamper further asset price appreciation.

 

Taiwan Review

Post the mayoral election in the fourth quarter of 2010, the Taiwan TWSE Index started to rise strongly. Investors were initially apprehensive but the election outcome turned out to reinforce the status quo with the two major political parties (KMT and DPP) retaining their respective seats. It was only in the last few weeks of the year when benefits associated with the Economic Cooperation Framework Agreement (abbreviated ECFA), a preferential trade agreement between the governments of China and Taiwan, coupled with an increasingly improving demand outlook from the West and an acceleration of foreign inflows drove the market higher.

 

Driven by strong foreign buying from the previous quarter and despite concerns that a rising Taiwan dollar could impact technology margins, the Taiwan market had a good start to 2011, but the trend reversed from mid February. Initially, there was optimism on global demand for technology stocks and the positive spill-over effect from the ECFA. However, the strong inflows to Taiwan reversed after the Chinese New Year as liquidity retreated out of emerging markets and into developed markets.

 

Taiwan Outlook

The Taiwan market is likely to remain volatile as investors grapple with uncertainty surrounding unrest in the Middle East and North Africa and Japan's ability to resume normal production amid power and supply shortages following the devastating Tohoku earthquake. Any potential spike in oil prices and further disruption to key components supply would increase input costs and impair utilisation and production efficiency. However, there would be opportunities for some companies as orders could be re-routed to Taiwan at the expense of Japan.

 

Howard Wang

Emerson Yip

William Tong

Shumin Huang

Investment Managers                                                                                                  25 May 2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interim Management Report

 

The Company is required to make the following disclosures in its Half Year Report.

 

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company fall into nine broad categories: investment underperformance; loss of investment team; discount; market; accounting, legal and regulatory; corporate governance and shareholder relations; operational and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 30th September 2010.

 

Related Party Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period.

 

Going Concern

The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.

 

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

 

(i)        the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; and

(ii)       the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.

 

 

For and on behalf of the Board

 

Nigel Melville

Chairman                                                                                                                     25 May 2011

 

 

For further information, please contact:

Chris Cordrey

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6000

 

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmchinese.co.uk

 

 

 

 

 

Income Statement

for the six months ended 31st March 2011

 


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st March 2011

31st March 2010

30th September 2010


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains on investments
held at fair value










through profit
or loss

-

8,648

8,648

-

13,808

13,808

-

17,011

17,011

Net foreign currency
gains/(losses)

-

186

186

-

(414)

(414)

-

(317)

(317)

Income from
investments

84

-

84

177

-

177

3,223

-

3,223

Other interest
receivable and










similar income

-

-

-

-

-

-

1

-

1

Gross return

84

8,834

8,918

177

13,394

13,571

3,224

16,694

19,918

Management fee

(635)

-

(635)

(527)

-

(527)

(1,098)

-

(1,098)

Performance fee

-

(394)

(394)

-

(77)

(77)

-

(110)

(110)

Other administrative
expenses

(264)

-

(264)

(248)

-

(248)

(462)

-

(462)

Net (loss)/return on
ordinary activities










before finance










costs and taxation

(815)

8,440

7,625

(598)

13,317

12,719

1,664

16,584

18,248

Finance costs

(145)

-

(145)

(64)

-

(64)

(127)

-

(127)

Net (loss)/return on
ordinary activities










before taxation

(960)

8,440

7,480

(662)

13,317

12,655

1,537

16,584

18,121

Taxation

(8)

-

(8)

-

-

-

(356)

-

(356)

Net (loss)/return on
ordinary activities










after taxation

(968)

8,440

7,472

(662)

13,317

12,655

1,181

16,584

17,765

(Loss)/return per
Ordinary share










(note 4)

(1.25p

10.86p

9.61p

(0.88)p

17.76p

16.88p

1.55p

21.83p

23.38p

           

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

 

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.

  

 

 

Reconciliation of Movements in Shareholders' Funds

 


Called up


Exercised

Capital





Six months ended

share

Share

warrant

redemption

Other

Capital

Revenue


31st March 2011

capital

premium

reserve

reserve

reserve

reserves

reserve

Total

(Unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 30th September 2010

19,455

12,281

3

581

37,392

52,454

1,603

123,769

Shares issued

125

761

-

-

-

-

-

886

Issue of Ordinary shares
on exercise of









Subscription shares

10

58

-

-

-

-

-

68

Net return/(loss) on









ordinary activities

-

-

-

-

-

8,440

(968)

7,472

Dividends appropriated









in the period

-

-

-

-

-

-

(1,166)

(1,166)

At 31st March 2011

19,590

13,100

3

581

37,392

60,894

(531)

131,029

 

 










Called up


Exercised

Capital





Six months ended

share

Share

warrant

redemption

Other

Capital

Revenue


31st March 2010

capital

premium

reserve

reserve

reserve

reserves

reserve

Total

(Unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 30th September 2009

19,026

8,989

3

581

34,363

35,870

1,542

100,374

Shares issued

125

612

-

-

-

-

-

737

Re-issue of Ordinary 









shares from Treasury

-

1,171

-

-

3,029

-

-

4,200

Net return/(loss) on









ordinary activities

-

-

-

-

-

13,317

(662)

12,655

Dividends appropriated









in the period

-

-

-

-

-

-

(1,120)

(1,120)

At 31st March 2010

19,151

10,772

3

581

37,392

49,187

(240)

116,846

 

 










Called up


Exercised

Capital





Year ended

share

Share

warrant

redemption

Other

Capital

Revenue


30th September 2010

capital

premium

reserve

reserve

reserve

reserves

reserve

Total

(Audited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 30th September 2009

19,026

8,989

3

581

34,363

35,870

1,542

100,374

Shares issued

125

612

-

-

-

-

-

737

Re-issue of Ordinary









shares from Treasury

-

1,171

-

-

3,029

-

-

4,200

Exercise of Subscription
shares into Ordinary









into Ordinary shares

(13)

13

-

-

-

-

-

-

Issue of Ordinary shares
on exercise of









Subscription shares

317

1,496

-

-

-

-

-

1,813

Net return on ordinary
activities

-

-

-

-

-

16,584

1,181

17,765

Dividends appropriated









in the year

-

-

-

-

-

-

(1,120)

(1,120)

At 30th September 2010

19,455

12,281

3

581

37,392

52,454

1,603

123,769

 

  

Balance Sheet

at 31st March 2011

 


(Unaudited)

(Unaudited)

(Audited)


31st March 2011

31st March 2010

30th September 2010


£'000

£'000

£'000

Fixed assets             




Investments held at fair value through profit
or loss:




China

78,649

69,390

79,644

Taiwan

35,533

32,838

32,318

Hong Kong

23,693

20,996

18,898

Total investments

137,875

123,224

130,880

Current assets




Debtors

529

766

2,338

Cash and short term deposits

189

940

1,360


718

1,706

3,698

Creditors: amounts falling due within one year

(7,563)

(7,616)

(10,322)

Financial liability: Derivative financial
instruments

(1)

-

-

Net current liabilities

(6,846)

(5,910)

(6,624)

Total assets less current liabilities

131,029

117,314

124,256

Provisions for liabilities and charges




Performance fee

-

(468)

(487)

Total net assets

131,029

116,846

123,769

Capital and reserves




Called up share capital

19,590

19,151

19,455

Share premium

13,100

10,772

12,281

Exercised warrant reserve

3

3

3

Capital redemption reserve

581

581

581

Other reserve

37,392

37,392

37,392

Capital reserves

60,894

49,187

52,454

Revenue reserve

(531)

(240)

1,603

Shareholders' funds

131,029

116,846

123,769

Net asset value per Ordinary share -
undiluted (note 5)

168.3p

153.7p

160.1p

Net asset value per Ordinary share -
diluted (note 5)

168.3p

152.0p

160.1p

 

           

 

 

 

 

Cash Flow Statement

for the six months ended 31st March 2011

 


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st March 2011

31st March 2010

30th September 2010


£'000

£'000

£'000

Net cash (outflow)/inflow from operating




activities (note 6)

(2,095)

(1,489)

290

Net cash outflow from returns on investments




and servicing of finance

(145)

(65)

(127)

Net cash inflow/(outflow) from capital




expenditure and financial investment

1,836

(4,776)

(10,480)

Dividend paid

(1,166)

(1,120)

(1,120)

Net cash inflow from financing

280

7,487

11,805

(Decrease)/increase in cash for the period

(1,290)

37

368

Reconciliation of net cash flow to movement




in net funds




Net cash movement

(1,290)

37

368

Loans repaid/(drawn down) in the period

674

(2,550)

(5,055)

Exchange rate movements

187

(414)

(317)

Movement in net debt in the period

(429)

(2,927)

(5,004)

Net debt at the beginning of the period

(5,620)

(616)

(616)

Net debt at the end of the period

(6,049)

(3,543)

(5,620)

Represented by:




Cash and short term deposits

189

940

1,360

Debt falling due within one year

(6,238)

(4,483)

(6,980)

Net debt at the end of the period

(6,049)

(3,543)

(5,620)

           

 

 

 

  

Notes to the Accounts

for the six months ended 31st March 2011

 

1.         Financial statements

            The information contained within the Financial Statements in this half year report has not been audited or reviewed by the Company's auditors.

 

            The figures and financial information for the year ended 30th September 2010 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

 

2.         Accounting policies

            The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in January 2009.

 

            All of the Company's operations are of a continuing nature.

 

            The accounting policies applied to these half year accounts are consistent with those applied in the accounts for the year ended 30th September 2010.

 

3.         Dividends


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st March 2011

31st March 2010

30th September 2010


£'000

£'000

£'000

Final dividend paid in respect
of the year ended




30th September 2010
of 1.5p (2009: 1.5p)

1,166

1,120

1,120

           

            No interim dividend has been declared in respect of the six months ended 31st March 2011 (2010: nil).

 

4.         (Loss)/return per Ordinary share


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st March 2011

31st March 2010

30th September 2010


£'000

£'000

£'000

(Loss)/return per Ordinary share
is based on the following:




Revenue (loss)/return

(968)

(662)

1,181

Capital return

8,440

13,317

16,584

Total return

7,472

12,655

17,765

Weighted average number of
Ordinary shares in issue




during the period

77,688,909

75,001,307

75,958,289

Revenue (loss)/return per
Ordinary share

(1.25)p

(0.88)p

1.55p

Capital return per Ordinary share

10.86p

17.76p

21.83p

Total return per Ordinary share

9.61p

16.88p

23.38p

 

           

            The Subscription shares in issue have no dilutive effect on the above losses/returns per Ordinary share, as calculated in accordance with the requirements of Financial Reporting Standard 22: 'Earnings per share'.

 

 

 

Notes to the Accounts continued

 

5.         Net asset value per Ordinary share


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st March 2011

31st March 2010

30th September 2010

Undiluted




Ordinary shareholders' funds
 (£'000)

131,029

 116,846

123,769

Number of Ordinary shares in
issue

77,848,498

 76,041,461

77,307,881

Net asset value per Ordinary
share (pence)

168.3

153.7

160.1

Diluted




Ordinary shareholders' funds
assuming exercise of




Subscription shares (£'000)

152,450

 136,948

145,189

Number of potential Ordinary
shares in issue

90,598,408

 90,098,408

90,098,408

Net asset value per Ordinary
share (pence)

168.3

152.0

160.1

           

            The diluted net asset value per Ordinary share assumes that all outstanding Subscription shares were converted into Ordinary shares at the period end. There was no dilution to the net asset value per Ordinary share at 31st March 2011 or 30th September 2010.

 

6.         Reconciliation of net return on ordinary activities before finance costs and taxation to net cash (outflow)/inflow from operating activities


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st March 2011

31st March 2010

30th September 2010


£'000

£'000

£'000

Net return on ordinary activities
before finance costs
and taxation





7,625

12,719

18,248

Less capital return before finance
costs and taxation

(8,440)

(13,317)

(16,584)

Scrip dividends received
as income

-

(12)

(259)

Decrease/(increase) in accrued
income

51

3

(14)

Increase in other debtors

(7)

(12)

(3)

(Decrease)/increase in
accrued expenses

(136)

(28)

78

Overseas taxation

(30)

-

(334)

Performance fee paid

(1,158)

(842)

(842)

Net cash (outflow)/inflow from
operating activities

(2,095)

(1,489)

290

 

 

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

ENDS

 

A copy of the half yearly report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do

 

The half yearly report will also be available on the Company's website at www.jpmchinese.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR ZELFLFEFEBBZ