“The Company’s net loss for the 2012/2013 financial year was, $21,125, compared to, (the) $506,597 (loss) recorded in the previous year.” F.E.C. Committee.
The Unit Trust of Samoa (U.T.O.S) had an exceptional 2012-2013 financial year – with its revenue increasing by 764 per cent.
In its report to the Legislative Assembly the Finance and Expenditure Committee (F.E.C.), noted that while this year had been challenging for the Trust, it had shown tremendous improvement when compared to the previous financial year.
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“The financial performance of the Unit Trust of Samoa has improved compared to the last two years,” the report reads.
“The Company’s net loss for the 2012/2013 financial year was, $21,125, compared to, (the) $506,597 (loss) recorded in the previous year.
“The Committee noted form the statement of Financial Performance, the total revenue has increased by 764 percent compared to last year largely due to the increase of the Management Fee from 1.5 per cent to four per cent of the assets of the Trust.”
The F.E.C. reports that the financial position of U.T.O.S. continues to grow stronger.
“The total net assets as at June 30 2013 has increased from $457,942 last year to $736,817 for this financial year with no borrowings,” it says.
“The main reason for this was the effort by the Management to develop and enhance the Trust into a profitable investment fund, while making sacrifices during the formative phases of the Trust.” So impressed was the Committee by the U.T.O.S’s Annual Report that they noted eight highlights from the Trust’s Annual Report for the abovementioned year in their report to the Legislative Assembly.
“The distribution of the first ever seven sene per unit to all unit holders of the Trust in August 2012,” the report reads.
“The growth in the unit price of 18.6 per cent. “The return to a unit holder was 24.2 per cent. “The increased number of unit holders recorded reaching 881, making the Unit Titles of Samoa the local private fund with the highest number of shareholders.
“The Trust’s Investment portfolio has reached $67.7 million as at June 30 2013;
“Application of the four per cent Management Fee on the Trust as the Company moves to become financially independent from further Government capital injection.
“Net loss of the Company was reduced by 96 per cent when compared to last year. “Net assets of the Company increased by 82 per cent when compared to last financial year.”
The F.E.C. commended the efforts and commitment by the Management and staff of the Unit Trust of Samoa.
“As highlighted in its report, the future of the Unit Trust is bright,” it reports.
“In response to a change in Government‘s commitment for continued financial support by way of capital injection into the company, the Management has restructured its revenue sources to ensure the sustainability of the Company and the
Trust over the next three years.”
The report will be published in tomorrow’s paper.
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