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Investment Trust GCP Infrastructure reported a fall in first-half net assets as lower electricity prices weighed on performance.
For the six months ended 31 March, net assets fell to £965.7m down from £987.1m on-year and profit nearly halved to £17.2m from £33.6m.
The net asset value reduced by 1.8p per share primarily due to 'downward revaluations of the long-term electricity price forecasts and the reversal to the previously enacted reduction to the corporation tax rate from 1 April 2020,' the company said.
'The company's focus on availability-based assets has meant the loan interest income received by the company has not been, and is not expected to be, materially impacted by the Covid-19 lockdown. In the medium and longer term, in addition to reductions in electricity prices, Covid-19 is likely to contribute to a low central bank interest rate environment for a longer period,' it added.
At 8:31am: (LON:GCP) Gcp Infrastructure Investments Limited share price was -2.4p at 116.6p