Singapore\'s state-linked investment firm Temasek Holdings said Thursday its net profit in the last fiscal year fell 15.4 percent to Sg$11 billion ($8.7 billion) amid a slower global economy. However, Temasek said the net value of its worldwide portfolio went up 2.6 percent to Sg$198 billion in the year ended March 31 from the previous financial year. The net profit decline was due largely to a fall in contributions from companies in which Temasek holds stakes, the firm\'s annual report showed. Contributions from associated companies, partnerships and joint ventures amounted to Sg$10.17 billion, down from Sg$13.44 billion in the previous financial period. Singapore Airlines, in which Temasek has a 56 percent stake, saw its net profit for the year to March slump by 69 percent due to high oil prices and global economic uncertainty. \"It has been a difficult time for investors globally and you\'re likely to see that replicated across many portfolios globally,\" said Jason Hughes, head of premium client management with IG Markets Singapore. Posting an $11 billion net profit \"isn\'t actually as bad as some others would have performed over the same time period\", he told AFP, describing it as a \"healthy return\". Temasek said it invested a total of Sg$22 billion during the year and divested Sg$15 billion. By the end of March, Temasek had 72 percent of its investments in Asia and the Singapore home market, down from 77 percent as it increased its stakes in Australia and New Zealand as well as North America and Europe. Its investments in Australia and New Zealand accounted for 14 percent, up from 12 percent. North America and Europe investments climbed to 11 percent from 8.0 percent. Temasek pared back its investments in financial services to 31 percent from 36 percent -- a move analysts saw as a result of risks associated with the eurozone debt crisis. It also cut investments in transport and industrials to 21 percent from 23 percent. The company however raised its investments in telecommunications, media and technology, life sciences, consumer and real estate as well as energy and resources. It continued to invest in the resources sector after the March financial year, buying stakes in the US firm Cheniere Energy, China\'s Kunlun Energy and Ivanhoe Mines, which has assets in Asia and Australia. After March, it raised its stake in China\'s ICBC bank, following a similar move in China Construction Bank in the previous financial year. \"Urbanisation and middle income population growth continue to underpin the long term transformation of Asia and other growth economies,\" said Temasek chief executive Ho Ching. Temasek chairman S. Dhanabalan said Asia\'s long-term growth remained healthy, and while the US and Europe \"present significant risks\" they also offer potential opportunities. \"We continue to stay in net cash and have the full flexibility to respond to opportunities whey they arise or stay liquid depending on the risks ahead,\" he said in a statement. Temasek said the ongoing debt crisis in the eurozone remained a huge risk for the rest of the world. \"We see contingent risk from Europe as potentially significant,\" Chia Song Hwee, Temasek\'s head of strategy, said in a press conference. \"Their weak economic conditions are compounded by the fiscal austerity and structural issues of a single currency bloc of countries with varying competitiveness.\" Temasek however said a hard landing for the Chinese economy was unlikely. \"They have ample policy room and political will to avoid a sharp slowdown in a leadership transition year,\" Chia said.