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August 27, 2008

Temasek Holdings’ profit doubles to S$18b in 2007
Singapore’s state-owned Temasek Holdings posted record profits of S$18 billion in 2007, double that of the year before, the city-state’s news agency Channel News Asia reported Tuesday.

The company's S$10-billion net investments outside of Asia last year exceeded the S$5-billion invested in Asia for the first time in Temasek's history.

Temasek's portfolio grew to S$185 billion - an increase of 13 per cent from S$164 billion previously. This includes a S$10 billion injection by the Singapore government.

Its portfolio exposure to Singapore also fell for the first time from S$62 billion to S$60 billion partly due to the sale of Tuas Power.

Singapore continued to account for a smaller part of its growing portfolio - 33 per cent last year, as compared to 38 per cent in 2006 and 44 per cent in 2005.

Temasek said on Tuesday it believes financial services will perform well in the future. The sector is the largest segment of its portfolio, accounting for 40 per cent currently.

Total shareholder returns by market value in 2007 was seven per cent, on the back of lower marked-to-market gains due to market uncertainties.

Going forward, Temasek said the volatility in global financial markets will remain high and stay at elevated levels for the near future.

But the imbalances will create investment opportunities.

When asked about its high exposure to volatile markets, Temasek said it still sees strong fundamental value in the United States and Britain.

It added that it is not distracted by short term dislocations in the financial market and continues to be focused on being a long term investor.

It also sees investment opportunities in Latin America and Mexico, but declined comment as to whether it has plans to invest in Lehman Brothers.

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