DUBAI, Feb 5 (Reuters) - Bahrain-based investment firm Investcorp said its net profit dropped 17% in the six months ending on Dec. 31, mainly because of a decline in fair value of private equity investments in the U.S. retail sector and a writedown on legacy assets.
Investcorp reported a net profit of $47.6 million, down from $58.2 million from the same period a year earlier.
Total assets grew by $3 billion to $31.1 billion, as the firm moves toward a medium-term target of hitting $50 billion in assets under management.
Late last year, Investcorp joined forces with Chinese partners to spend up to $500 million buying food brands and manufacturing sites in Asia, aiming to tap into China’s emerging middle classes and their growing taste for foreign foods.
Reporting by Saeed Azhar, editing by Davide Barbuscia