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Discuss this article (0 Comments)Investcorp posts full year net loss of $780.6m
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 19 August 2009
Q2 RESULTS: Investcorp said on Aug. 3 that it had raised over $500m in fresh capital to reduce its debt and make investments.(Getty Images)
Bahrain-and London-listed investment house Investcorp said on Wednesday it posted a full year net loss of $780.6m from a profit of $151.1m in 2008.
The firm gave no breakdown of its second half results in a statement on the Bahrain bourse website. The company's fiscal year ends on June 30.
It said on Aug. 3 it had raised over $500m in fresh capital to reduce its debt and make investments.
The bank made a net loss of $781m in its 2008-09 year, having made a profit of $151mn in 2007-08 including a second-half profit of $63.3m, according to Reuters calculations.
"It has been the most challenging year since the formation of the firm in 1982," it said. "Investcorp took a conservative view towards marking-to-market its portfolio of private equity and real estate co-investments in light of continued uncertainty surrounding the global economy."
The investment house had its first ever net loss in the first half of 2008-09, reporting a loss of $511m for the six months to Dec. 31.
It said on Aug. 3 it had raised over $500 million in fresh capital to reduce its debt and make investments.
"With total liquidity now at $1.8 billion, the new preference share issue has boosted Investcorp's economic capital, helped meet (its) deleveraging objectives and will support new business growth initiatives," it said. (Reuters)
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