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Tue 1 Feb 2011 01:24 PM

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Bahrain's Investcorp sees H1 profit slide 6.6%

Net income for the period was down to $56.2m, despite rise in corporate, real estate invesments

Bahrain's Investcorp sees H1 profit slide 6.6%
PROFIT REPORT Net income for the six months to December 31 was $56.2m, down from $60.2m in the year-earlier period, Investcorp said in a statement to the Bahrain bourse (Bloomberg Images)
Bahrain's Investcorp sees H1 profit slide 6.6%

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.

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