LONDON (Alliance News) - Infrastructure India PLC on Friday said the fall in its net asset value over the course of the first half of its financial year was driven by the depreciation of the Indian rupee against the pound sterling and by softening of market conditions in the logistics industry.
The AIM-listed infrastructure fund said the value of its investments decreased to GBP331.6 million on September 30, from GBP368.6 million on March 31.
Its net asset value fell to GBP329.3 million on September 30 from GBP373.6 million on March 31.
"IIP continues to make steady progress and although currency translation adds some volatility to our reported net asset value, we are relatively pleased with the performance of our underlying portfolio companies," Chairman Tom Tribone said in a statement.
"Despite perceptible macroeconomic headwinds, there is still a critical need for logistics infrastructure in India and we are confident that our largest asset, DLI, is strategically well positioned in the sector, as is evidenced by its expanding portfolio of quality customers," Chief Executive Sonny Lulla said.
Shares in Infrastructure India were untraded on Friday, having last traded at 19.50 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Infra.india (IIP)