Temasek Holdings says net profit down 67 percent

SINGAPORE — Singapore state investment firm Temasek Holdings said Thursday its net profit plunged 67 percent to six billion Singapore dollars (4.25 billion US) in the year to March.

Net profit fell from the record 18 billion dollars achieved in the previous financial year ending March 2008 as a result of the global financial crisis.

The value of its worldwide investment portfolio also fell by 30 percent to 130 billion dollars as of end-March this year from 185 billion dollars the previous financial year.

Temasek chief executive Ho Ching said the firm was building up liquidity to prepare for a possible downturn.

"However, we did not anticipate the speed and ferocity of the worst financial crisis since the Great Depression," said Ho, wife of Singapore Prime Minister Lee Hsien Loong.


Temasek chairman S. Dhanabalan said that the steep drop in net profit "reflected the generally weaker operating performances of our portfolio companies as well as realised gains and losses from our divestments during the year."