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Erik (no login)
Posted May 6, 2012 5:14 PM
Source: The National
The audited accounts revealed:
• Net assets of K2.338 billion representing an increase of 7.5% from a net asset value of K2.221 billion recorded in 2010;
• Reserves of K97.5 million representing 4% of net asset value before distribution;
• Operating profit before provision for contingent liabilities and related impairments of K44.662 million compared to K308.658 million recorded in 2012.
In the area of membership, the fund recorded:
• Active membership base of 153, 397 representing a growth of 13.8% increase from 140, 545 members in 2010;
• Active employer base of 2,107 employers representing an 8% increase from 1,943 employers in 2010;
• Average monthly contribution inflows of K28 million from employers, representing an increase of 13% compared to K24.7 million received month in 2010; and
• Payment of K166.28 million to 55, 086 members in unemployment, retirement and housing advance benefits, compared to 74, 323 members withdrawing in 2012, representing a reduction of 25% of members withdrawing from the fund.
Chairman Mel Togolo said the year 2011 was a very challenging year, not only for Nasfund but the superannuation industry.
Mel Togolo… a very challenging year, not only for Nasfund but the superannuation industry
“From an industry perspective, our respective investment portfolios were adversely impacted by currency appreciation against the Australian dollar, peaking property valuations and softening of share values in our listed equities,” he said.
“These were the main drivers of capital gains in the past, which saw funds in PNG recording high profits and delivering double digit returns.
“Those days are over and with the advent of the global financial crisis still lingering in the western world, its effect is now being felt by our own economy in which we operate and invest.
“Despite these setbacks, our industry has been resilient and strong enough to continue delivering positive crediting rates compared to super funds in Australia, for example, who are still experiencing high negative returns.” |
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