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Navigator Global Investments Ltd (ASX: NGI) – Shares on a sinusoidal trend post FY18 results

  • August 10, 2018 05:02 AM AEST
  • Team Kalkine
Navigator Global Investments Ltd (ASX: NGI) – Shares on a sinusoidal trend post FY18 results

Investment manager, Navigator Global Investments Ltd (ASX: NGI) announced its result for fiscal year 2018 on 9 August 2018. The results being hosted by CEO Sean McGould and CFO Amber Stoney reported a leap of 76% in Navigator’s assets under management for FY18.

In 2018 financial year, company observed its Assets Under Management close at USD$16.7 billion, sharply up by 76% which reports USD$7.2 billion increase from the prior year. It is mainly driven by USD$1.8 billion increase from Lighthouse business and USD$5.4 billion recently transitioned from Mesirow Advanced strategies.

The group’s net operating revenue grew by 17% to USD$79.8 million in comparison to USD$68.3 million in previous financial year. However, it is important to note that corresponding to the 17% increase in net revenue, operating expenses also edged up by 25% adversely impacting the result from operating activities. NGI’s Earnings before income tax grew to USD$31.57 million, up by 10% which yielded Net profit after income tax to USD$22.42 million. But in the year 2018, company stood under the loop of changes made by US federal law as it had to write off carrying value of Group’s deferred tax assets of USD$35.5 million, following new federal corporate tax of 21% from 1 January 2018.

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This unforeseen legal change having a corresponding increase to income tax expense whipped out investors profits. As a result, company reported Net Profit After Tax to negative USD$13.056, down by 174%.

The company declared final dividend of USD$0.09 per share, in addition to USD$0.07 of interim dividend, scheduled for payment on 31 August 2018.

Besides confirming substantial growth in year 2018, company observed bearish sentiments of investors over ASX on 9 August 2018. NGI shares slipped by 4.887% to $5.450 as investors reacted to the impact of changes in US tax law, shredding the company’s FY18 revenue to negative. However, the stock recovered by 6% to $5.780 on August 10, 2018, 2 PM AEST.

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