Interfund lags GENX return in Q1

Interfund Investments (INF) reported a satisfactory increase in profits during the first quarter on the back of unrealised gains, but failed to keep up with the performance of the overall market, lagging the GENX return by a whopping 5 percentage points.

Interfund reported that net profits during the first quarter of 2005 increased to CYP 2.043.598 compared to net profits of CYP 1.165.798 in the same quarter a year ago and net losses of CYP 100.317 for the whole of 2004.

The increase in profits was mostly due to unrealised gains that the investment company showed in its Profits & Loss account to the tune of CYP 1.9 mln.

In terms of performance INF said its net asset value (NAV) gained by 12.1% to 12.02 cent by the end of the first quarter compared to 10.72c at the end of 2004.

The performance however, compares miserably with the overall performance of the CSE GENX in the same period, which surged by 17.1% to 84.93 points compared to 72.55 points at the end of 2004.