UPDATE 1-Belgium's GIMV makes H1 loss as writedowns weigh

Thu Nov 22, 2012 1:37am EST

Related Topics

* H1 net loss 8.0 mln euros vs loss of 74.3 mln in H1 2011/12

* Net asset value slips to 40.50 euros per share (Adds details, background)

BRUSSELS Nov 22 (Reuters) - Belgian investment company GIMV incurred a net loss in its first half to the end of Sept due to falling shares prices and lower valuations for its venture capital holdings in all sectors other than healthcare.

GIMV, part-owned by the Flemish regional government, said on Thursday it made a net loss of 8 million euros ($10.3 million) as net unrealised capital losses of 48.9 million euros outweighed capital gains from divestments of 35.5 million euros.

A year ago, its net loss was 74.3 million euros.

Its net asset value dropped to 40.50 euros per share from 43.60 euros at the end of March.

The company, which invests in smaller mainly unlisted companies, principally in technology and life sciences, said that excluding the impact of its dividend payment and capital increase, its net asset value fell by 0.8 percent. ($1 = 0.7801 euros) (Reporting By Philip Blenkinsop)

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