Citadel Capital reports net loss in 2Q 2012

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