24th Sep 2013 10:05
LONDON (Alliance News) - Real estate investment trust Dolphin Capital Investors Limited said losses for the first half increased and its net asset value fell.
The company posted pretax losses of EUR95.4 million for the period ended 30 June compared with a EUR12.6 million loss a year earlier, as Dolphin Capital's share of losses from ventures in which it has an investment ballooned to EUR79.2 million from EUR56,000 a year before.
Total group NAV as at the end of June was EUR613 million and EUR535 million before and after deferred income tax liabilities, respectively. This represents a decrease of EUR19 million and EUR18 million.
Dolphin said the decrease in NAV is mainly due to a small valuation loss in the Aristo portfolio reflecting the on-going difficulties faced by the Cypriot economy, as well as to regular operating expenses offset by revaluation gains at properties including Playa Grande Club and Reserve, Pearl Island and Scorpio Bay resort.
The stock was trading at 38.19 pence Tuesday, up 0.69p, or 0.7%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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