Investor AB (INVE-B.SK) on Tuesday reported a 1.4% quarterly rise in the net asset value of its investment portfolio in the third quarter but expressed caution about the effects of upcoming monetary policy normalization.
The net asset value was 439 Swedish kronor ($54) a share on Sept. 30, an increase of SEK6 a share from the previous three months.
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Investor is the investment vehicle of Sweden's Wallenberg family and owns stakes in some of the country's largest companies, including telecommunications giant Ericsson AB (ERIC), industrial-equipment maker Atlas Copco AB (ATCO-A.SK) and retail and corporate lender Skandinaviska Enskilda Banken AB (SEB-A.SK).
In the third quarter, Investor acquired further shares in Ericsson for SEK1.2 billion and Tuesday it praised Ericsson's proposal to appoint Ronnie Leten as its new chairman. "Ronnie Leten has a very strong track record of creating shareholder value and we believe that he is the right person to lead the company's board going forward," the company said in a statement.
Investor reported a net profit of SEK5.38 billion in the third quarter, compared with SEK30.77 billion in the same period the previous year. It expects to receive approximately SEK8.3 billion of dividends in 2017.
Chief Executive Johan Forssell said the current development in the global economy is solid, but noted that the picture differs between geographies and segments. "A number of geopolitical risks remain and we are still in the dark when it comes to the potential effects of the gradual unwinding of the ultralight monetary policies," he said.
"Given the macroeconomic uncertainty, continued focus on improving agility and preparing for different scenarios remains key for us and our companies."
-Write to Dominic Chopping at firstname.lastname@example.org; Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
October 17, 2017 03:34 ET (07:34 GMT)