Fairfax India earnings down 79% in 2018 to $96 mn on unrealised gains

Fairfax India's net earnings in 2018 were down 79 per cent to $96 million from $453 million in 2017. The India-born-Canadian Billionarie Prem Watsa's investment firm said that this was largely due to net unrealised gains on investments being $179 million compared to $592 million in 2017. However, over the four years since Fairfax India's inception, Fairfax India has significantly outperformed the markets in the last four years.The key performance measure, grew at a compound annual rate of 15 per cent Fairfax India's book value per share (BVPS) declined by 4.1 per cent in 2018, from $14.46 at the end of 2017 to $13.86, a performance generally in line with, and in many cases significantly superior to, the performance of Indian equity indices, and reflecting a 9.4% decline in the Indian rupee during 2018.Change in Fairfax India's BVPS in 2018 was primarily due to drop in the value of its holdings in IIFL Holdings ($1.33/share) and a drop in the value of the Indian rupee ($1.47/share), ...

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