22nd Sep 2016 11:21
LONDON (Alliance News) - Hermes Pacific Investments PLC on Thursday reported a narrowed pretax loss in its last financial year as it worked to cut costs, and said it is in a strong position to take advantage of investment opportunities.
The investing company said its pretax loss in the year ended March 31 narrowed to GBP91,000 from GBP115,000 the year before, as it booked lower administrative expenses under its cost-cutting plans. Hermes does not generate any revenue as it does not have any operating business.
Hermes invests in companies involved in financial activities within the emerging markets sector. Its principal focus is currently on the Far East, where it said its investments have performed in line with its expectations.
"The growth rate in emerging markets is very attractive as opposed to the growth rate in advanced economies. Despite the waning commodity prices together with a prospect of an interest rate hike in USA interest in emerging markets remain strong," Chairman Haresh Kanabar said in a statement.
"We have a strong balance sheet and cash resources that place us in a strong position to exploit investment opportunities as they arise," Kanabar added.
Shares in Hermes were untraded on Thursday, last quoted at 70.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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