Investcorp Bank BSC, the Bahrain- based investment firm, swung into profit in the fiscal full year as income from hedge fund investments rebounded and the decline in value of its private equity assets halted.
Net income was $102.2 million, or $64 a share, compared with a loss of $780.6 million, or $1,120 a share in the previous year, the Manama-based bank said in a statement to the Bahrain exchange today. Gains from its own private equity and hedge fund investments rebounded to $146.1 million from a loss of $218.4 million. Fees from overseeing funds rose 69 percent in the year to $218.9 million.
The worst financial crisis since the 1930s pushed Investcorp to write down the value of its private equity and real estate assets. Deals are now rebounding and appetite amongst Gulf investors for private equity and real estate investments is increasing, the company said today."
No comments:
Post a Comment