23rd Sep 2014 11:39
LONDON (Alliance News) - Dolphin Capital Investors Ltd Tuesday said its net asset value was EUR638.0 million at the end of June, and EUR552.0 million after deferred income tax liabilities, representing decreases of EUR9.73 million and EUR8.19 million from the end of March.
In a statement for the first-half of the financial year, the investor in the residential resort sector in emerging markets said the decreases were mainly due to a "small valuation loss" in its Aristo portfolio, as well as to regular operating expenses, offset by revaluation gains in Amankea.
Sterling NAV per share at the end of June was 80 pence before deferred income tax liabilities, and 69 pence after deferred income tax liabilities. This represents a decrease of 4.6% and 4.5% from March 31, based on the above reasons and the 3.1% appreciation of sterling versus euro over the period.
"Although our markets remain challenging, we have seen improvements at all levels, which we intend to exploit further by completing the funding of additional projects and crystallising value where appropriate. In 2014 to date, we have made notable advancements with our key developments, and a number of major projects are set to come on line for construction during next year, which will ensure that we continue to deliver value for shareholders," Chairman David Heller said in a statement.
Miltos Kambourides, founder and managing partners of Dolphin Capital Partners, said, "We are pleased that Nikki Beach has become our active second operating resort complementing Amanzoe which continues to perform above expectations."
"We are firmly focused on completing Playa Grande and launching Kilada Golf Resort, Amankea and the second phase of Pearl Island. We also remain optimistic that Aristo will overcome its current challenges and will reinforce its status as the leading developer in Cyprus," Kambourides added.
Dolphin shares were Tuesday untraded at 35.50 pence per share.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Dci Advisors