MPC Munchmeyer Petersen Capital (MPC Capital) has taken a EUR 17.2m ($19.68m) hit from its investment in an oil rig.
The German investor, better known for its ownership of boxships, said it made an extraordinary write-down on financial assets of EUR 9.6m in 2018.
This related to the carrying amount of two indirect investments from the former KG business in a deep-sea exploration platform in the full amount of EUR 9.6m, due to the current market conditions and with its charter agreement ending in mid-2019.
Receivables amounting to EUR 7.6m also had to be written off.
The loss before tax for the 2018 financial year amounted to EUR 16.7m, from a profit of EUR 17.4m in 2017.
Revenue was down at EUR 42.7m from EUR 47.3m, but slightly above the forecast adjusted on 9 November.
In 2018, it participated as co-investor in various investment projects and lined up new assets in shipping, property and infrastructure worth EUR 800m.
Assets under management amounted to EUR 4.3bn at year-end.
The company is forecasting a slight increase in sales and at least break-even earnings before tax for the 2019 financial year.
"A more dynamic development in new business, additional transactions and making use of external market influences could have a positive effect on sales and earnings," it added.
