16th Jan 2014 09:33
LONDON (Alliance News) - CEB Resources PLC Thursday said it swung to a pretax loss in its first half as the company begins a new investment strategy.
The company, previously called Clean Energy Brazil, posted a pretax loss of USD320,000 for the six months ended October 31, compared from a pretax profit of USD291,000 the previous year.
CEB Resources, which began its strategy change in 2013, is now focused on investments or acquisitions for natural resources or energy companies, primarily in Australia.
The company said that in October the final instalment of payment from the sale of Unialco MS, its final asset in Brazil, of USD2.2 million was received, bringing the total amount received to USD17.7 million.
Because of the asset sales, the company's net investment income for the period fell to USD226,000 from USD552,000 the previous year.
The company also said its administrative expenses increased to USD426,000 from USD252,000 as it appointed new staff to help in its new strategy, and it was hit by a USD116,000 foreign exchange loss during the period.
CEB Resources shares were down 14% to 0.90 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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