Trinity Capital benefits from rupee's strength

10th Aug 2010 16:01

Indian property investment company Trinity Capital said the value of its net assets rose from £281.2m to £296.3m in the year to 31 March 2010, with net asset value (BAV) per share increasing by 15% from 113p to 130p.The improvement was helped by a weakening by 7% of sterling against the Indian rupee.The company made a profit before tax in the year of £24.57m, compared to a loss of £61.44m the year before The company is the subject of litigation brought by its former investment manager and by its former investment partners, Immobilien I and Immobilien II. The board believes that it does not have any liability in regard to the complaint brought by its former investment manager and has therefore not made any formal provision in the financial statements relating to the outcome of the legal dispute. As for the Immobilien I and Immobilien II dispute, if and when the board, acting on professional advice, or any court or arbitration tribunal with jurisdiction over the dispute between the company and Immobilien I and Immobilien II decides that there is merit to the latter's claims, the company will make an appropriate accounting provision in its financial statements.