European assets going strong at 3i Infrastructure
Investment company 3i Infrastructure said European assets continue to perform well however difficult macroeconomic conditions and currency movements have hit the valuation of the 3I India Fund.
Investment company 3i Infrastructure said European assets continue to perform well however difficult macroeconomic conditions and currency movements have hit the valuation of the 3I India Fund.
Chairman Peter Sedgwick said: "European assets continue to perform well, while adverse macroeconomic conditions and foreign exchange movements continue to have a negative impact on the valuation of the 3i India Infrastructure Fund."
He added: "The Investment Adviser continues to develop the pipeline of opportunities and has made good progress in the Thameslink transaction."
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The group, which invests in infrastructure projects worldwide, said its European portfolio generated income of £30.8m in the period compared to £36.8m the year before, with the decline mostly due to the lower dividend received from AWG.
The mark-to-market valuation of Adani Power and the exchange rate between sterling and the Indian rupee were broadly unchanged September 26th 2012 from the last company statement.
At September 26th 2012 the company had cash balances of £169.7m, up from £144.2m reported in the last interim statement, reflecting the investment activity, income and proceeds received and costs paid in the period.
3i Infrastructure expects to announce its half yearly results on November 8th 2012.
CJ
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