26th Aug 2014 13:44
LONDON (Alliance News) - Baker Steel Resources Trust Ltd Tuesday said its net asset value as at June 30 fell sharply over the previous six months and significantly underperformed its benchmark.
The closed-ended investment company said its net asset value per share at June 30 was 53.0 pence per share, down 14.5% in sterling terms over the six months.
During this period, its benchmark, the Euromoney Global Mining 100 Index, was up 1.2% in sterling terms.
The company said the largest contributor to the fall was Gobi Coal & Energy Ltd with a 50% write down to its carrying value, reflecting the performance of listed Mongolian coal shares over the previous 12 months.
Baker Steel Resources said its net income in the six months to June 30 was GBP3,002, compared with GBP17,859 in the first-half of 2013.
The company reported a net loss of GBP432,433 for the period, compared with a loss of GBP713,680 a year earlier.
Shares in the company were trading at 39.70 pence Tuesday afternoon, up 1.8%.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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