Emerging markets leisure investor Dolphin Capital Investors has reported total group net asset value of €984m (£793m), down 1.2% from 31 December 2011.
Reporting on its operational highlights since its last trading update on 28 March 2012, Dolphin said that, in sterling terms, its NAV per share was 123p, down 1.6% from 125p at 31 December 2011.
It attributed the drop in NAV to the value reduction of its properties in the Americas in euro terms due to the devaluation of the US dollar against the euro, as well as to the small appreciation of sterling versus euro over the period.
Miltos Kambourides, managing partner of Dolphin Capital Investors, said: “While the macroeconomic conditions remain challenging, Dolphin continues to make development progress across its entire project portfolio.”
daniel.cunningham@estatesgazette.com
