By Joanne Bladd
Net income for the period was down to $56.2m, despite rise in corporate, real estate invesments
Investcorp, the Bahrain investment firm, on Tuesday reported a 6.6 percent drop in first-half profit despite a rise in the value of its corporate and property investments.
Net income for the six months to December 31 was $56.2m, down from $60.2m in the year-earlier period, the firm said in a statement to the Bahrain bourse.
Income from hedge funds fell 58 percent to $40.6m, while the company had a fair value gain on investments in companies and property of $39.3m in the period versus $2.8m a year ago.
“All asset classes – corporate investment, real estate and hedge funds – delivered positive returns,” the company said in an emailed statement.
The company distributed $405m to investors in the period, it said.
Its new deals during the six months included a $52m investment in FleetMatics, add-on acquisitions by Berlin Packaging, FleetPride and Redington Gulf, and a $50m investment in Turkey agricultural trader and supply chain manager, Tiryaki Agro.
The real estate unit acquired a mixed-use development in Princeton, New Jersey, the company said.
The investment firm suffered its first ever full-year loss in the fiscal year ended June 2009 as the financial crisis hit.
At the end of December, Investcorp had $12.2bn in assets under management.