As foreshadowed by the company’s notice of results on November 25th, the Rupee exchange rate and softer background business conditions have caused the NAV per share to fall to 48p from 55p at the March 2015 year end. Most of this impact was seen in the valuation of the key logistics investment DLI, where nonetheless steady progress towards completion of the 4 container terminals has been made. Operationally, the other assets have performed broadly in line with expectations during the first half of the year. The shares stand at a sharp 62% discount to the current NAV reflecting macro headwinds in the near term.
