Temasek reported its worst performance since 2016 and warned fresh lockdowns imposed by the coronavirus pandemic could further hamper global markets.
The decline comes as fund managers globally struggle with the pandemic’s effect on both financial markets and the real-world economy. Some stock markets have bounced back amid hopes of a fast recovery, yet rising case numbers have pushed many countries back into lockdown, hurting consumer spending and limiting already restricted travel.
“We ended the year in a net cash position with a strong balance sheet,” he said. “This positions us well to ride through the tough times to position our companies for future growth.” Singapore Airlines has a Temasek-backed plan to raise about S$8.8bn, while Sembcorp Marine is embarking on a similarly supported capital round. A unit of Temasek is in talks for a potential investment of at least $400m in Singapore shipping tycoon Chang Yun Chung’s Pacific International Lines, people familiar with the matter said in May.