Hirco's troubles show no sign of letting up

Hirco, a real estate investment firm, disappointed investors on Thursday after its results for the half year ended March 31st showed a further decline in net assets.

Hirco, a real estate investment firm, disappointed investors on Thursday after its results for the half year ended March 31st showed a further decline in net assets.

Net assets fell to £223.6m from £251.4m at September 30th 2011, which the company blamed firstly on the continuing deterioration in the Indian economic outlook, which has led to considerable weakening of the Indian rupee against the pound, and secondly on the continued slow progress in terms of sales at the projects.

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