Return to search

Origo Posts Profit

LONDON, May 30 (Reuters) – Origo Sino-India Plc (ORIG.L: Quote, Profile, Research), a private equity firm focusing on Chinese and Indian related investments, on Friday posted net profit of 11.3 million pounds ($22.26 million) for the year to December.

The AIM-listed firm, in which GLG Parnters (GLG.N: Quote, Profile, Research) holds a 29.6 percent stake, said its net asset value jumped 126 percent to 25.8 million pounds, thanks to revaluations of its portfolio.

The company's investments in Rising Technology Corp, a Chinese anti-virus software firm, and biofuel company Roshini International Bio Energy registered unrealised gains of 4.6 million pounds and 8 million pounds, respectively.

Chief Financial Officer Niklas Ponnert said the company aimed to realise the gains in the next 18 to 24 months.

Origo valued Rising Technology at about 27 times 2006 earnings and expected the software firm's profit to grow over 50 percent in 2007 after an 87 percent jump in 2006.

Origo, which raised 13 million pounds in a December 2006 IPO, completed nine new investments in 2007, bringing total cash commitments to $21.1 million. (Reporting by Daisy Ku)