Rns...23 Jun 2010 08:54
LONDON (Dow Jones)--Origo Partners PLC (OPP.LN), a private equity investment and consulting practice focused on core economic growth opportunities in China and India, Wednesday reported a swing into profit for 2009 and said it remains positive about the Group's prospects for the year ahead and the outlook for the Chinese economy. MAIN FACTS: -Revenue for year ended Dec, 31, 2009 $3.7 million (2008: $4.8 million) -Operating loss $4.5 million (2008 loss $4.9 million) -Profit before tax $39.5 million (2008: loss $8.2 million) -EPS 37.93 cents (2008: loss 9.11 cents) -Total comprehensive income $45.7 million (2008 loss $10.2 million), after negative goodwill charge of $45.4 million arising from the merger with ORP -Net asset value per share $0.61 (2008: $0.57) -Net asset value $132.0 million (2008: $55.6 million) -Total investments $15.1 million in three new portfolio companies -Cash position at Dec. 31 $25.0 million -At the end of the year, the Group's portfolio comprised 19 holdings, up from 15 in the previous period. -Directors' valuation of the portfolio at Dec. 31 was $105.7 million (2008: $34.5 million). -As capital markets open up again for IPOs of private equity sponsored assets and portfolio matures, Origo intend to actively market and exit selected investments. -Will maintain focus on investments relating to China, focusing on the natural resources sector, encompassing metals and mining, clean tech and renewable energy, water and sustainable agriculture -Key priorities remain providing continued support to portfolio companies whilst also making further investments in expansion stage Chinese businesses in the natural resources, clean-tech and agriculture sectors. -Shares closed Tuesday at 28.25 pence valuing the company at GBP85.38 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com (END) Dow Jones Newswires June 23, 2010 02:50 ET (06:50 GMT)