Perpetual said yesterday it took a further $9.6 million pre-tax mark-to-market loss on its Exact Market Cash Fund (EMCF) between the start of December till the end of January.
Total pre-tax losses on the product for the 2009 financial year stood at $24.3 million as at 31 January, 2009. The after-tax loss was $17 million.
“The EMCF’s most recent mark-to-market losses were primarily incurred as a result of the re-pricing of Australian-issued residential mortgage backed securities (RMBS) by market participants,” Perpetual said.
“The EMCF’s defensive positioning and high quality securities continued to limit losses.
“Investors in the EMCF have not been impacted by the losses.”
Perpetual also said it would book $12 million in pre-tax restructuring charges in its December 2008 half year result. This was an increase from the expected $10 million disclosed in early December.
“The major component of the charges related to targeted redundancies across the company in the last quarter of the 2008 calendar year,” Perpetual said.
Perpetual releases its half year results on 18 February.
