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Aberdeen Asset Management says it swung to a 1st-half loss

Aberdeen Asset Management says it swung to a 1st-half loss

Fund manager Aberdeen Asset Management PLC said Tuesday that it swung to a loss in the fiscal first half after it settled a dispute with a client.
The net loss came to 13.7 million pounds (US$27.3 million; euro20.1 million), compared with a profit of 15.3 million pounds in the same period a year earlier the company said in a statement. Revenue rose 10 percent to 162.5 million pounds (US$324.4 million; euro238 million).
Assets under management rose 9.8 percent to 80.4 billion pounds (US$160.5 billion; euro117.7 billion).
Real Estate Opportunities Ltd., the owner of London's iconic Battersea power station, took legal action against Aberdeen in 2005. Aberdeen denied any wrongdoing but a settlement of the case cost it about 30 million pounds (euro43.9 million; US$59.9 million).
Aberdeen shares fell 3.8 percent to 211.75 pence (US$4.23; euro3.10) on the London Stock Exchange.


Updated : 2021-04-17 06:42 GMT+08:00