30th Jun 2016 11:12
LONDON (Alliance News) - Dolphin Capital Investors Ltd on Thursday reported a fall in its net asset value in 2015 due to a reduction in Greek asset values and other losses and charges, but said it believes it has a "highly attractive portfolio" with significant potential.
Dolphin, which invests in residential resorts in the eastern Mediterranean, Dominican Republic and Panama, said its net asset value fell to EUR545 million in 2015 from EUR644 million in 2014.
It said the lower NAV was principally due to a EUR55 million reduction in Greek asset values, a EUR44 million loss arising from its 49.8% share of losses from its interest in Cypriot property developer Aristo, a EUR22 million impairment charge in other territories, and financial and operating expenses.
This was partly offset by a capital increase of EUR73.5 million and by the appreciation of the Americas properties due to the devaluation of the euro against the dollar.
"The board of directors is focused on the implementation of the company's strategy and is working with DCP to robustly manage the operations, accelerate villa sales, generate value from asset divestments, increase working capital and develop its core projects through joint venture agreements and/or project financing. There is much yet to achieve but we believe that our highly attractive portfolio has significant potential for value creation over the medium term," Non-Executive Chairman Andrew Coppel said in a statement.
"Our focus remains on maximising value for the shareholders, through securing funding for the next phases of Kilada Hills Golf Resort, Kea Resort and Pearl Island and the monetisation of our non-core assets," Founder and Managing Partner Miltos Kambourides added.
Shares in Dolphin were untraded on Thursday, last quoted at 6.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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