Dolphin Capital swings to annual profit, plans to raise 75m euros

3rd Jun 2015 08:21

Real estate investment company Dolphin Capital Investments swung to a profit in 2014.The group reported a €22m (£15.9m) profit in the 12 months to 31 December compared with a €20m loss in 2013, the first time the company has posted annual profit since 2007.Dolphin Capital, which focuses on residential resorts Eastern Mediterranean, Caribbean and Central America, said its net asset value rose 2.1% year-on-year to €644m, driven by growth in the value of the American properties.The group said that after undergoing a review it has decided to split its investments into core projects and non-core assets.The former include its Amanzoe, Kilada Hills and the Resort in Greece, Playa Grande Club & Reserve in the Dominican Republic, and Pearl Island in Panama and Dolphin said it will try to sell the remainder of its assets.Meanwhile, the group said it plans to raise €75m via an issue of new shares, although the price and number of shares to be issued is yet to be determined.Dolphin Capital shares were up 0.29% to 08:40 to 22.57p