Eredene Capital reports losses in half-yearly
Eredene Capital reported Wednesday a 10m pound loss in its half-yearly report, following its decision to sell its stake in Matheran Realty and its subsidiary Gopi Resorts.
Eredene Capital reported Wednesday a 10m pound loss in its half-yearly report, following its decision to sell its stake in Matheran Realty and its subsidiary Gopi Resorts.
The London-based investor in Indian infrastructure has released its unaudited interim results for the six month period ended September 30th, 2012, revealing a considerable drop in revenue compared to the previous year's loss of £1.5m.
The company said the results come off the back of £4.5m spent on ongoing operations and £6.6m on the write-down in the investment of Mumbai-based Matheran and Gopi.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Eredene has signed an indicative term sheet with an undisclosed prospective buyer for the low-cost housing development near Mumbai. The organisation held 45% stake in Matheran and purchased an additional 42% for £2.6 in July after settlement of arbitration with another shareholder. The firm also held 32.25% in Gopi Resorts.
The investment group referenced the write-down in its net asset value of shares which was reported at 16.7p, down 2.9 from a year ago.
Eredene and consortium partners have also withdrawn from concession to build and operate the Ennore Container Terminal and have a new slimmed down management team in place in India to concentrate on maximising value of its investments.
"Eredene is focused on maximising the value of its investments in India, and the Company intends over time to return more capital to shareholders," the company said in a statement.
"Eredene has put in place a smaller, less costly team in India to concentrate on managing the existing portfolio and on realising its full market potential. An independent detailed financial review of the Eredene Group's key investments in India has been carried out with broadly satisfactory results."
RD
-
SIPP holders to get cash warnings and be offered default funds
News Providers will be required to offer investors a default fund and must warn customers of the inflationary risk of cash savings the regulator has said. What the new rules mean for your retirement pot?
By Marc Shoffman Published
-
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
By Marc Shoffman Published