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UPDATE 1-Reinet Investments says H1 profit at 406 mln euro

Tue Nov 17, 2009 1:35am EST

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* Net asset value up 22 pct to 2.25 bln euro

Financials

* Basic and diluted EPS 2.08 euro vs 2.39 euro

(Adds details)

JOHANNESBURG, Nov 17 (Reuters) - Investment firm Reinet Investments SCA REIT.LU (REIJ.J) posted a first-half profit of 406 million euro on Tuesday and said net asset value rose 22 percent to 2.25 billion euro ($3.37 billion).

The company, which is controlled by South African tycoon Johann Rupert and has its main listing in Luxembourg, said its net asset value per ordinary share at end-September stood at 11.51 euro.

Basic and diluted earnings per share fell to 2.08 euro from 2.39 euro a year ago.

Reinet was created in 2008 when luxury group Richemont (CFR.VX) was restructured and spun off most of its stake in BAT (BTIJ.J), the world's No 2 cigarette group.

It still holds a 4.2 percent stake in BAT. Reinet's depositary receipts are listed in Johannesburg. (Reporting by Serena Chaudhry)

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