27th Jun 2019 18:46
(Alliance News) - All Asia Asset Capital Ltd on Thursday said it swung to a loss in its most recent year following a GBP1.2 million gain on disposal the year before.
In 2018, the Asia Pacific investor posted a GBP529,879 pretax loss, swinging from a GBP1.1 million profit the year before.
This was the result of a GBP1.2 million net realised gain on disposal of available-for-sale investments the year prior. Also contributing to loss was a GBP294,000 loss on changes in fair value of equity investment at fair value.
More positively, administrative expenses fell to GBP246,822 from GBP363,490.
As at December 31, the company's net assets totalled GBP1.1 million, down from GBP1.6 million year-on-year. The drop is due to the 2017 sale of the company's investment in Energy Central Ltd.
All Asia Asset Capital contemplated the future of Myanmar, where its sole investment Myanmar Allure Group Co Ltd is located and concluded that: "overall, the hospitality service sector is expected to remain subdued and relatively flat due to conflicting push-pull factors."
Shares in All Asia Asset Capital closed untraded at 0.50 pence on Thursday.
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