8th May 2018 12:42
LONDON (Alliance News) - Dolphin Capital Investors Ltd on Tuesday reported a drop in net asset value for 2017 as it presses ahead with its divestment strategy.
Net asset value per share at the end of 2017 was 22.00 pence before deferred tax liabilities, 13% down year-on-year, while after these liabilities it was down 14% to 19.00p.
The decrease, Dolphin said, was due to year-end portfolio write-downs and impairments of EUR19.0 million and other expenses.
The high-end residential resort investor is now selling off eastern Mediterranean assets having in 2016 and 2017 disposed of its Caribbean and North American assets.
Founder & Managing Partner Miltos Kambourides said: "Whilst it was disappointing that the Aristo disposal agreement was terminated early in 2017, we made good progress elsewhere: we completed the disposal of Pearl Island and concluded a JV agreement with One&Only for Kea, as well as selling our interests in Sitia Bay and Triopetra.
"We also recorded continued improvement across the Amanzoe and Aristo operations. Dolphin's investments are now concentrated in the eastern Mediterranean region, principally in Greece and Cyprus, areas which are benefiting from economic recovery and political stability, which are key prerequisites for further asset sales."
Shares were down 2.6% on Tuesday at a price of 7.06p each.
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