Investcorp sees full-year income rise

Investcorp, the Bahrain-based alternative investment manager, on Wednesday said its net income for the fiscal year 2011 rose 37 percent aided by profitable portfolio exits and strong performance at its corporate and real estate investment divisions.The company, which floated luxury brands Gucci and Tiffany & Co, saw net income for fiscal year ending June 30 rise to $140.3m from $102.2m for the year-ago period, it said in a statement.Investcorp said it realised more than $1bn in proceeds from alternative investments during the fiscal year and its asset-based income, which includes its hedge funds, corporate and real estate investments, rose 52 percent to $216.2m.The company\'s board has recommended resumption of dividend payments to shareholders at the rate of $15 per share, Investcorp said.In March, Investcorp sold quality and safety services firm Moody International for $730m after it purchased the 2,500 employee business in 2007 for $311m.Impairment provisions for the year fell to $2.1m from $11.7m a year-ago, while operating expenses rose to $215.2m from $188.8m, the statement said.Investcorp in June acquired a 176-room hotel property in Los Angeles, in a deal valued at $40m.The deal marked the company’s fourth US property acquisition this year, following the purchase of Coral Palm Plaza in Florida in April.The company bought a majority stake in British online booking company Eviivo in May, in a deal valued at $49.1m. from / Arabian Business News