LONDON (ShareCast) - Mediterranean residential resort property investor Dolphin Capital Investors reported a decline in its net asset value from €1.94 a share to €1.82 a share in the 12 months to December 2010.
AIM-quoted Dolphin's net asset value fell from €1.26bn to €1.14bn, with the fall in the valuation of the Aristo subsidiary blamed for most of the decline. The sterling-based NAV is 173p a share.
There was a €17.4m property valuation write-down and investment manager fees of €18.1m. There were property disposal gains of €9.89m but admin costs and other charges, plus the interest charge meant that the loss was €78.2m. That is around two-fifths of the previous year's loss when the valuation write-down was €124.7m.
This year the focus will be on selling properties in the main projects.