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Georgia Capital said net assets fell in the third quarter of the year amid a decrease in the market value of listed assets in its portfolio.
Net asset value (NAV) fell 9.8% to in the third quarter from the second and NAV per share decreased by 7.2% in the third quarter.
The decline was driven by a GEL 174m decrease in the market value of listed businesses, GEL 14m FX from movements and net interest expense and GEL 9m from management platform related costs, the company said.
The private business, however, partly offset the headwinds on NAV, generating GEL 37m, while buybacks at discounts to NAV generated GEL 32m.
'We continue to have a robust pipeline and our outlook for 4Q19 and beyond remains strong as our private portfolio continues to grow,' the company said.
At 8:10am: (LON:CGEO) Georgia Capital Plc Ord Gbp12.70 share price was -2.5p at 982.5p