6th Apr 2020 15:49
(Alliance News) - Dolphin Capital Investors Ltd on Monday reported a slight rise in net assets in 2019, and is confident its portfolio can handle the fallout caused by Covid-19.
At December 31, the investment firm's net asset value per share stood at EUR0.19 each, up slightly from EUR0.18 at the same point the year before.
Dolphin's total NAV ended 2019 at EUR181 million compared to EUR178 the year before.
After the company's deferred tax liability, net assets stood at EUR170 million, up from EUR165 million.
"NAV uplift is principally due to a gain of EUR9.6 million from the discounted prepayment of the EUR15.7 million Apollo Heights loan for EUR6.1 million and the EUR5.0 million sale of preferred shares relating to the Venus Rock project," Dolphin explained.
Chair Andrew Coppel added: "The development progress made both in One&Only at Kea Island and Kilada Hills Golf Resort during 2019 is encouraging, as it enhances both their tangible value and divestment potential.
"Whilst the impact of the Covid-19 pandemic will likely slow immediate progress across a number of projects, we believe that the quality of our portfolio will enable us to deliver the implementation of the company's divestment strategy."
Shares in Dolphin Capital Investors were 0.9% higher in London on Monday afternoon at 2.22 pence each.
By Paul McGowan; [email protected]
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