Luxempart says profit rises, outlook is 'positive'
Luxempart, a Luxembourg-based investment company with a net asset value of €1.4 billion, said its first half profit increased almost fivefold and that the outlook for its main investments remains "positive."
Total comprehensive income in the first six months of 2017 was €193.1 million compared with €39.9 million in the same period last year, the company said in a statement on Wednesday.
"The profit consists primarily of dividend income from some of our investments, of realised capital gains" and revaluations of the main private equity investments, Luxempart said. Those revaluations resulted in a €106 million gain.
The company focuses on three market segments; long-term investments in listed and non-listed companies, private equity and medium-term investments in listed firms.
Since June 30 it has invested at least €17 million, had a capital gain of €8 million from a disposal and approved a minority investment in an Italian debt-recovery company.
Luxempart shares traded at €52.50 at 9:22 am on the Luxembourg Stock Exchange, little change from Tuesday's close.
(Alistair Holloway, email@example.com, +352 49 93 739)