* First quarterly statement as part of transparency drive
* Asset value per share down to 275 pence
* Says making good progress on restructuring, cost cuts
LONDON, July 27 Private equity group 3i
said it is making progress with cost-cutting measures as it
moves to a new reporting timetable it hopes will make it more
transparent and win back shareholders dissatisfied at years of
The private equity owner of womens fashion retailer Hobbs
and Tommee Tippee baby bottle maker Mayborn made its maiden
first-quarter announcement on Friday.
3i said asset values dipped to 275 pence a share for the
three months of end June from 279 pence three months earlier.
New Chief Executive Simon Borrows promised jobs and cost
cuts last month to reduce annual operating costs by 45 million
pounds ($70 million) within two years as the firm seeks to beef
up its earnings and return more cash to shareholders.