GIMV shows first half year profits rise to Euro 76m

GIMV has announced that in the first six months of 2001, it has made a profit of Euro 76m compared to Euro 65.2m for the same period last year. The net asset value of the firm fell to Euro 1.17bn or Euro 50.6 per share, representing a 26% decline since the end of 2000, which GIMV has attributed to new EVCA accounting rules and the decline of the financial markets.

During the first six months of 2001, GIMV realised capital gains of Euro 376m, largely due to the realisation of Euro 340m through the sale of its 26% stake in the Belgian cable distribution company, Telenet, in February. This represents a substantial increase compared with the gains of Euro 57.6m reported for the same time last year.

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