25 May 2012

Assets slip at Hirco

14/05/2009 Robert Tyerman

Indian property investor Hirco lost nearly £31 million and saw assets fall 5.7 per cent in the six months to March.

Hirco, which floated on AIM three years ago, is an investment vehicle for the family-owned Hiranandani group, India’s largest developer of ‘mixed-use townships’. The company, which is involved with ‘middle class’ developments at Chennai and Panvel (near Mumbai), blames its difficulties on conditions in the Indian property market, falling values of its own underlying projects, one-off professional charges and ‘uncertainty caused by the actions of the Laxey Partners hedge fund’.

Net assets fell from 712p to 672p a share between September and March, still 42 per cent higher than at flotation in December 2006. Chairman Niranjan Hiranandani sounds confident that the company can surmount its present challenges.

The movement in the shares, which had plunged from their £5 float price to 42p by last March and have now rallied to 97.5p, suggests that someone agrees with him.

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Sector: General Financial

Companies: Hirco

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