Temasek

Temasek: FYMar14 net profit was little changed y/y, at $10.9b (FY13: $10.6b), as weaker markets at home and in China weighed on its portfolio companies, but it also spent the most on new deals in seven years to capitalize on an uneven global economic recovery. Singapore's state-investment firm said it remains upbeat on Asian economies, where it sealed half of its new investments in the past fiscal year, even as it trawled developed markets such as the U.S. and Europe for investments. It also continues to favor companies in the financial services, life sciences, energy and consumer-product sectors. Temasek's portfolio value during the period grew 3.7% to a record $223b from $215b a year ago. In the past fiscal year, Temasek invested $24b --the most since 2007--and recouped $10b from asset sales. Looking ahead, Temasek expects a gradual recovery in the global economy, with volatility in financial markets set to continue. Says the US , for instance, is set for slow economic growth in the coming years, while China should be able to maintain a steady annual growth rate of about 7%.