citadel capital reports net loss in 2q 2012
Last Updated : GMT 18:26:54
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Citadel Capital reports net loss in 2Q 2012

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Arab Today, arab today Citadel Capital reports net loss in 2Q 2012

Cairo - Arabstoday

Private equity firm makes second quarter loss of LE124.23 million, an improvement on previous quarter, company announces Egyptian private equity firm, Citadel Capital, realised a consolidated net loss in the second quarter of 2012 of LE124.23 million ($21 million), an improvement over the previous quarter, the company announced on Tuesday. With assets mainly focused in the Middle East and Africa, Citadel Capital controls more than US$9.5 billion of investments across 15 countries. The firm had realised a loss of LE159 million in the first quarter of 2012. Overall, Citadel saw a total net loss of LE283.5 million ($46.9 million) in the first six months of 2012. The reason behind the smaller net loss on a quarterly basis was the growth in net interest income to LE7.5 million compared to a net interest expense of LE51 million in the last quarter due to one-off interest costs. Associate companies which include ASEC Holding, United Foundries, ASCOM, Tawazon, Finance Unlimited, TAQA Arabia and Nile Logistics, saw their performance return to pre-revolution levels by the end of the Q2. On an annual basis, consolidated net losses fell 3 per cent in first half of 2012, below the same period last year. From ahramonline

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