Profits of 2008 negated by £22m losses

HSBC Infrastructure Company sees falling valuations in portfolio of largely schools, hospitals and military facilities

HSBC Infrastructure Company's chairman has posted £22m of pre-tax losses over the year to 31 March, compared to nearly £20m profits in the previous year. It blames falling valuations in the portfolio, although a £103.6m share issuance and six acquisitions during the period saw the company's net assets up almost £75m from £302m at end of March 2008 to £376m by end of March 2009. Net asset value per share diminished around 10p during this time, from 120.9p to 111.1p. The investment trust, which owns stakes in predominantly UK-based infrastructure projects including schools, hospitals an...