FRANKFURT (dpa-AFX) - Deutsche Beteiligungs AG (DBAG) expects a considerably lower consolidated result for the first quarter than a year ago. The valuation of the asset portfolio has not yet been completed, but on a preliminary basis a negative value contribution of minus 5 to minus 10 million euros is expected from the gross valuation and disposal result, the Frankfurt-based SDax company said on Wednesday. A year earlier, this result had amounted to plus 42.6 million euros. Although a clearly positive value contribution is expected for the operating development, this will be more than offset by negative effects from the capital market. The share price recently extended its losses to 4.6 percent. The company will publish its quarterly statement on February 8.