11th Jun 2014 11:22
LONDON (Alliance News) - Dolphin Capital Investors Ltd Wednesday reported a higher net asset value for the first quarter of its financial year.
The real estate investment company said its total group net asset value was EUR648 million as at March 31, and EUR561 million after deferred income tax liabilities. This represent an increase of EUR44 million, or 7.3% before deferred income tax liabilities, from December 31, 2013.
Dolphin Capital said the NAV uplift was mainly attributable to its share of the increase in the independent valuation of Venus Rock, following the termination of a contract to sell the Cyprus residential project to China Glory Investment Group by Dolphin Capital's 49.8% affiliate Aristo Developers Ltd.
Dolphin Capital's NAV per share in sterling terms as at March 31 was 83 pence before deferred income tax liabilities and 72 pence after, an increased of 6.2% and 5.9% respectively on the December 31, 2013 figures.
The company said it continues to have a strong asset base coupled with low leverage, and had gross assets of EUR913 million a the end of the quarter.
"The team is focused on improving current project sale and financing transactions, while capitalizing on the improving market conditions to execute more retail sales and new funding arrangements for accelerating the development of its existing projects," said Miltos Kambourides, managing partner of Dolphin Capital Partners Ltd.
Shares in Dolphin Capital Investors were trading 2.3% lower Wednesday morning at 36.50 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Dci Advisors