Mediterranean residential resort property investor Dolphin Capital Investors reported a decline in its net asset value from €1.94 a share to €1.82 a share in the 12 months to December 2010.

AIM-quoted Dolphin's net asset value fell from €1.26bn to €1.14bn, with the fall in the valuation of the Aristo subsidiary blamed for most of the decline. The sterling-based NAV is 173p a share.

There was a €17.4m property valuation write-down and investment manager fees of €18.1m. There were property disposal gains of €9.89m but admin costs and other charges, plus the interest charge meant that the loss was €78.2m. That is around two-fifths of the previous year's loss when the valuation write-down was €124.7m.

Net debt was around €367m at the end of 2010. The finance for the development of the most advanced projects has been secured.

This year the focus will be on selling properties in the main projects.

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