future-uncertain-for-candovers-asia-business

Future uncertain for Candover's Asia business

The UK private equity firm announces a downsizing that will see the Asian operations restructured or shut down, following a large decline in profits.

UK-headquartered private equity firm Candover Investments on Monday announced dismal results for the financial year ending December 31, 2008, and said its Asian and Eastern European operations will turn self-financing or be shut down.

Candover declared a profit before tax of 5.2 million $7.3 million, down 75% from 21 million in 2007, due mainly to provisioning for lower future investment income from portfolio companies.

Candover saw its net asset value per share halve during 2008 to 1.02 from 2.06 in 2007. The 50.3% decrease is greater than the 32.8% drop in the FTSE all-share index over the same period and comes after five successive years of NAV increases at the buyout fund,...

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