- Dolphin, an investor in high-end resort developments in the eastern Mediterranean, reported a fall in net asset value due to writedowns on portfolio assets owing to the pandemic impact.

For the year ended 31 December 2020 and a trading update, net asset value fell 13.2% to €157 million year-on-year as gross assets fell to €205 million from €226 million.

'NAV reduction is principally due to valuation write-downs on certain portfolio assets and other operational, corporate, finance and management expenses,' the company said.

'The COVID-19 pandemic has had a significant adverse impact on our overall business activities, restricting our ability to market and sell plots and villas in our development projects, and at Aristo,' it added.

'Most importantly, it has caused a material disruption to our efforts to divest our asset portfolio in an orderly manner.'

Looking ahead, the company expects that opportunities to acquire newly developed luxury branded residential resorts, such as OOKI and Kilada, could be scarce due to the lack of a material development pipeline.

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