30th Sep 2016 07:45
LONDON (Alliance News) - Dolphin Capital Investors Ltd reported a more than fourfold increase in its first-half loss and a major drop in asset value as the company sold off one of its portfolio investments at a heavy discount.
Dolphin's net asset value per share dropped to EUR0.35 from EUR0.53 in the six months to the end of June, with total net assets down by 34% to EUR317.0 million from EUR481.0 million at the end of December 2015. Dolphin booked a pretax loss of EUR163.3 million for the period, widened from EUR37.4 million the year prior.
Dolphin said its drop in asset value was caused by the sale of its 50% stake in Aristo Developers Ltd for EUR45.0 million, at a 70% discount to its carrying value as at December 31, 2015, with the company writing down EUR109.0 million and a debt restructuring taking the value down by a further EUR35.0 million.
Dolphin, which invests mainly in holiday resorts in Greece, the Dominican Republic and Cyprus, said it will receive the EUR45.0 million cash consideration from Theodoros Aristodemou in quarterly instalments over three years.
"We are delighted to have completed the disposal of our holding in Aristo Developers. The sale will significantly enhance the group's liquidity and allow the company the flexibility to deliver value for shareholders through the monetization of assets on a timely basis," Chairman Andrew Coppel said.
Shares in Dolphin Capital were up 8.2% at 5.76 pence early Friday.
By Adam Clark; [email protected]
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