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Jul 22 2012

Egypt's Citadel says Q1 net loss grew 43 pct

CAIRO, July 22 (Reuters) - Egyptian private equity firm Citadel Capital said on Sunday its net loss in the first quarter had widened 43 percent from a year earlier to $26.4 million.

It said assets under management had risen 4.9 percent to $4.4 billion in the 12 months to end-March 2012.

"Setting aside the net effect of one-time fees related to Citadel Capital's refinanced debt and the OPIC-backed facility, the firm would have recorded a 9 percent narrowing of its consolidated loss," the company said in an emailed statement.

The company said that during the quarter it had drawn down $81.3 million from a $150 million facility it had received from United States' Overseas Investment Corporation (OPIC).

Citadel's share was trading 0.3 percent higher at 11:00 a.m. (0900 GMT)

(Reporting by Patrick Werr; Editing by Mike Nesbit)

((patrick.werr@thomsonreuters.com)(+20 2 2578 3290 Reuters Messaging: patrick.werr.thomsonreuters.com@thomsonreuters.net))

Keywords: CITADEL EGYPT/RESULTS


© Copyright Zawya. All Rights Reserved.


Egypt's Citadel says Q1 net loss grew 43 pct

CAIRO, July 22 (Reuters) - Egyptian private equity firm Citadel Capital said on Sunday its net loss in the first quarter had widened 43 percent from a year earlier to $26.4 million.

It said assets under management had risen 4.9 percent to $4.4 billion in the 12 months to end-March 2012.

"Setting aside the net effect of one-time fees related to Citadel Capital's refinanced debt and the OPIC-backed facility, the firm would have recorded a 9 percent narrowing of its consolidated loss," the company said in an emailed statement.

The company said that during the quarter it had drawn down $81.3 million from a $150 million facility it had received from United States' Overseas Investment Corporation (OPIC).

Citadel's share was trading 0.3 percent higher at 11:00 a.m. (0900 GMT)

(Reporting by Patrick Werr; Editing by Mike Nesbit)

((patrick.werr@thomsonreuters.com)(+20 2 2578 3290 Reuters Messaging: patrick.werr.thomsonreuters.com@thomsonreuters.net))

Keywords: CITADEL EGYPT/RESULTS


© Copyright Zawya. All Rights Reserved.


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