12th Jun 2020 11:25
(Alliance News) - Reconstruction Capital II Ltd on Friday decided against recommending a dividend for 2019, due to the uncertain economic environment, while its net asset value fell.
As at December 31, the AIM-listed investment company's net asset value per share was EUR0.1450, down from EUR0.2238 the same date the year before.
Reconstruction Capital's investments under the Private Equity Programme for the year came to a value of EUR17.7 million, down 36% from EUR27.8 million the prior year.
This was due to a disappointing performance from paint products retailer Policolor SA due to supply issues, and Mamaia Hotel Resorts SRL reporting a drop in earnings due to higher salary costs and redecorating expenses.
For the year, Reconstruction Capital reported a net investment loss of EUR10.2 million, widened from EUR3.1 million the year before.
Over the course of 2019, the investment firm repurchased 4.5 million shares for cancellation, bringing the total number of shares issued overall to 135.9 million shares.
Shares in Reconstruction Capital were untraded on Friday, last quoted at EUR0.11.
By Dayo Laniyan; [email protected]
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