22nd Oct 2013 10:11
LONDON (Alliance News) - City Natural Resources High Yield Trust PLC Tuesday said it has narrowed its net losses and increased its annual dividend for the eighth consecutive time despite difficult year for commodity markets.
The commodity market investment company said its total net losses on ordinary activities before taxation narrowed to to GBP51.3 million for the twelve months ended June 30 compared to GBP72.9 million the previous year.
The company said its capital losses on investments narrowed to GBP53.1 million from GBP76.0 million as the company focused its investments on proven resources, such as oil and gas.
City Natural Resources said it was a difficult year for commodity markets based on the combined effects of the Chinese slowdown, the fear of the tapering of quantitative easing, and a slow recovery in Europe.
Despite the difficult market, the company still increased its annual dividend by 13.9% to 5.50 pence, making it the eighth consecutive increase.
City Natural Resources shares were up 0.7% to 143.02 pence Tuesday.
By Tom McIvor; [email protected];
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
CQS Natural Resources Growth & Income