Aurora Russia Limited (AURR)

Aurora Russia Limited (AURR)

Aurora Russia Limited (AURR) - Results Show Increase

Aurora Russia, the investment vehicle established to make equity in small and mid-sized private companies in Russia, announces today the audited results of the Company for the 15 month period ended 31 March 2008. Company net asset value as at 31 March 2008 was £85.58m, representing 114.1p per share (£71.9m or 95.9p per share as at 31 December 2006 representing a 19% increase and a 4% increase over the net asset value as at 31 December 2007). Revaluation of the Company investment portfolio as at 31 March 2008 resulted in an overall increase in value of £13.75m from cost of £63.51m to £77.26m, an increase of 22%. Consolidated net profit for the period of £5.2m (net loss of £321,000 from incorporation in February 2006 to 31 December 2006).

Commenting, Sir Trevor Chinn, Chairman of Aurora Russia, said:
"We are extremely pleased to have delivered on our investment strategy and invested in five leading companies all of which are growing strongly as demonstrated by the portfolio's 22% revaluation gain and are well positioned to further capitalise on the opportunities presented by the expansion of the Russian economy. Our primary focus is to provide continued support to these companies in delivering significant changes in performance and value creation but we will also continue to identify a number of excellent opportunities within the financial, business and consumer services sectors."

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