Egypt's Citadel says Q1 net loss grew 43 pct

Reuters, Sunday 22 Jul 2012

Private equity firm Citadel Capital say net loss in first quarter had widened 43 per cent to $26.4 million from a year earlier

Egyptian private equity firm Citadel Capital said on Sunday its net loss in the first quarter had widened 43 per cent from a year earlier to $26.4 million.

It said assets under management had risen 4.9 per cent to $4.4 billion in the 12 months to end-March 2012.

"Setting aside the net effect of one-time fees related to Citadel Capital's refinanced debt and the OPIC-backed facility, the firm would have recorded a 9 per cent narrowing of its consolidated loss," the company said in an emailed statement.

The company said that during the quarter it had drawn down $81.3 million from a $150 million facility it had received from United States' Overseas Investment Corporation (OPIC).

Citadel's share was trading 0.3 per cent higher at 12:00 p.m.

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