Interfund sustains massive losses

Interfund Investments Pcl (INF.CY) reported a massive deterioration in its performance as at end of September 2008, with the company’s total assets shrinking by a massive EUR 55.14 mln to EUR 45.9 mln compared to EUR 101.13 mln a year ago in September.

The Company’s NAV as at 30 September 2008 tumbled by 55% to EUR 0.8115 per share compared with EUR 1.7835 a year ago in September 2007 and EUR 1.0838 per share as at 30 June 2008.

Based on the price prevailing on the day of announcement of the pathetic performance, INF trades at a 58% discount to its NAV. The Company‘s investment portfolio consists of 58.6% in the local banking sector, 16.4% in international investments, 2.9% in other local equities and 6.1% in cash.