28th Apr 2015 10:41
LONDON (Alliance News) - All Asia Asset Capital Ltd on Tuesday said its pretax loss narrowed slightly in 2014 due to flotation costs incurred the year before not repeating, as the group maintained its current investment portfolio and made no new investments.
The Asia Pacific-focused investment company said its pretax loss in 2014 narrowed to GBP505,642 from GBP624,965 a year earlier, primarily due to a GBP99,714 charge booked in 2013 related to its market float not recurring. The company produced no revenue from asset disposals.
All Asia maintained its minority stakes in Andaman Power and Utility Co Ltd, the Thailand and Myanmar-based power company, Myanmar Allure Group, the owner of the Allure resort in Myanmar, over the year. It did increase its stake in Myanmar Allure to 7% in July.
The company also entered a conditional subscription agreement with Terrigena One German Solar Ltd, a solar and green energy investment vehicle, in September, but those talks were terminated this week.
"We are pleased that the company has maintained its two investments in electricity plant and hospitality provision in Myanmar, with a further investment made in the electricity plant project in the period under review. The company has continued implementing its investing policy with the primary focus being on Myanmar at the current time while striving to find more exciting investment opportunities in the region," said Chief Executive Sri Hartati Kurniawan.
Shares in the company were untraded Tuesday, having last traded at 19.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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