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Wed 3 Aug 2011 10:19 AM

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Investcorp sees full-year income rise on portfolio exits

Firm saw more than $1bn in proceeds from alternative investments in fiscal year

Investcorp sees full-year income rise on portfolio exits
Bahrain investment firm Investcorp has bought a majority stake in British online booking company Eviivo, in a deal valued at £30m ($49.1m)

Investcorp,
the Bahrain-based alternative investment manager, on Wednesday said its net
income for the fiscal year 2011 rose 37 percent aided by profitable portfolio
exits and strong performance at its corporate and real estate investment
divisions.

The
company, which floated luxury brands Gucci and Tiffany & Co, saw net income
for fiscal year ending June 30 rise to $140.3m from $102.2m for the year-ago period,
it said in a statement.

Investcorp
said it realised more than $1bn in proceeds from alternative investments during
the fiscal year and its asset-based income, which includes its hedge funds,
corporate and real estate investments, rose 52 percent to $216.2m.

The
company's board has recommended resumption of dividend payments to shareholders
at the rate of $15 per share, Investcorp said.

In
March, Investcorp sold quality and safety services firm Moody International for
$730m after it purchased the 2,500 employee business in 2007 for $311m.

Impairment
provisions for the year fell to $2.1m from $11.7m a year-ago, while operating
expenses rose to $215.2m from $188.8m, the statement said.

Investcorp
in June acquired a 176-room hotel property in Los Angeles, in a deal
valued at $40m.

The deal marked the company’s fourth US property acquisition
this year, following the purchase of Coral Palm Plaza in Florida in April.

The company
bought a majority stake in British online booking company Eviivo in May,
in a deal valued at $49.1m.

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