Interim Results INTERIM ANNOUNCEMENT
August 30 2006 - 11:33AM
UK Regulatory
GENESIS MALAYSIA MAJU FUND LIMITED
INTERIM ANNOUNCEMENT
The Directors of Genesis Malaysia Maju Fund Limited announce unaudited results
for the period ended 30th June, 2006 as follows:
2006 2005
US$ US$
Total net assets for 63,108,835 56,315,286
Participating Preference
Shares
Net assets per Participating 41.49 37.02
Preference Share
Net income (deficit) per 5.07 (1.97)
Participating Share
COMMENT
In the six months to June 30th, 2006, the Fund's Net Asset Value per share rose
by 13.9% to US$41.49. Over the same period the Kuala Lumpur Stock Exchange
(KLSE) index expressed in US Dollars rose 4.6%. The total income per
Participating Preference Share was US$5.07. The Directors do not recommend
payment of a dividend.
Malaysia's economy has maintained its upward momentum so far this year,
propelled by the same forces that were at work last year- manufactured exports
and consumption related services. Inflation has risen (June's CPI figure was
3.9%), as the government has adjusted domestic petrol prices to the rise in
global oil prices. Although the construction sector continued to shrink slightly
in the period, this should reverse as the Ninth Malaysia Plan has promised a 30%
increase in the development budget.
Political uncertainty has arisen following the vocal criticism of Prime Minister
Badawi by his predecessor Dr Mahathir. This has highlighted the difference in
leadership styles and the resulting atmosphere of uncertainty is not conducive
to investment. Nevertheless, valuations are reasonable both intrinsically and
against a regional comparison, and the first half witnessed probably the largest
foreign takeover of a Malaysian company for a price approaching 30 times
earnings. The portfolio therefore disposed of its holding in OYL Industries and
found no difficulty investing the proceeds as attractive valuations can still be
found among the smaller Malaysian companies.
By Order of the Board
HSBC Securities Services (Guernsey) Limited
31st August, 2006
GENESIS MALAYSIA MAJU FUND LIMITED
INTERIM ANNOUNCEMENT (continued)
APPENDIX
2006 2005
US$ US$
FINANCIAL HIGHLIGHTS
Total net assets 63,108,835 56,315,286
Dividend income 1,177,357 967,545
Interest income 25,023 2,416
Gross income 1,202,380 969,961
Net income (deficit) for the year 7,707,932 (2,998,578)
Net income (deficit) per Participating 5.07 (1.97)Share
Net assets per Participating Share 41.49 37.02
STATEMENT OF CASH FLOWS
Investment income received 767,757 710,982
Interest received 23,837 1,757
Expenses paid out of revenue (410,174) (272,950)
Purchases of investments (10,174,671) (4,120,077)
Sales of investments 8,484,721 3,713,242
Expenses paid out of capital (544,313) (307,384)
Net Cash Outflow $(1,852,843) $(274,430)
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