Dolphin Capital Investors has posted a 34% fall in net asset value per share to 193p due mostly to falls in the value of its property portfolio.
The AIM-listed residential resort investor in south-east Europe said its portfolio dropped 7% in value to €1.4bn (£1.3bn) in the six months to 30 June.
The decline helped produce a pretax loss of €108m compared with a €1.8m profit at the same time last year.
Chairman Andreas Papageorghiou said: “We decided early in 2008 to halt new investments, preserve cash and direct our resources towards progressing our existing portfolio.
“Since then, we have continued to make good operational progress throughout the downturn, and achieved further permit and development advances.
“Dolphin’s investment strategy to create long term shareholder value by transforming undervalued seafront sites into fully permitted, high-end, premium-branded development projects remains resilient.
“We are confident that this strategy should create significant returns for our shareholders as the markets begin to recover and as price inflation is reignited.”
The company said its strategic focus was to begin construction and unit sales of three projects – Venus Rock Golf Resort, Cyprus; Playa Grande Golf Resort, Dominican Republic; and Pearl Island, Panama.
It added it had ceased new investments until the company can begin to generate additional cash through asset sales or development cash flows.
