Dolphin posts 52 pct NAV rise, says prospects good
LONDON (Reuters) – Dolphin Capital Investors, the biggest property firm listed on London’s AIM market, reported a 52 percent rise in net asset value (NAV) per share yesterday despite testing market conditions. The company, which specializes in the residential resort sector in Southeastern Europe, said its Greek property holdings were unaffected by the forest fires which ravaged the country this summer, and financial market volatility had not compromised its ability to generate strong NAV growth. NAV before deferred income tax liabilities rose to 167 pence per share in the six months to end-June following integration of Cyprus’s largest holiday home developer, Aristo Developers, which Dolphin bought in April. Pretax profit rose to -211.3 million from -60.9 million in the corresponding period last year. Dolphin said it expected to generate attractive shareholder returns notwithstanding recent turmoil on global debt markets which it said had negatively affected the yield performance of traditional real estate companies. «The structural growth story of Dolphin’s investments… remains strong. Foreign property ownership continues to be well supported by positive fundamentals such as demographic trends and continuing favorable developments in tourism industries,» the company said in a statement. Since its inception in 2005, Dolphin has raised -859 million from investors keen to increase exposure to leisure resort property in Southeastern Europe. The company completed its third fundraising event in June, raising -450 million in equity. It has committed a total of -538 million so far. Its shares were down 1.03 percent to 143 pence at 1205 GMT, lagging a 1.51 percent rally in the FTSE 350 Real Estate Index. Its issue price at admission to AIM in 2005 was 68 pence.
