Ozgrowth posts 17% fall in investments

Ozgrowth has reported a 17 per cent drop in the value of its investment portfolio over the December quarter.

The fall follows a 14.6 per cent decline recorded in the September quarter.

Over the 2008 calendar year, Ozgrowth said its portfolio value has fallen 22.2 per cent.

Net tangible assets, after provision for tax on unrealized profits, fell from 18.8 cents per share to 16.5c over the December quarter.

Prior to allowance for tax credits on unrealised losses, the figure fell from 18.1c to 15c per share.

At the end of the 2008 year, Ozgrowth said 71 per cent of its assets were held in cash, up from the previous quarter's 62 per cent.

Shares in the company closed unchanged at 12.5c today.