30th Sep 2014 14:36
LONDON (Alliance News) - Hermes Pacific Investments PLC Tuesday said it expects to utilise its balance sheet to make further investments in the near future.
Hermes Pacific announced its intentions as it reported results for its last financial year, during which it had no revenue because it has no operating business.
In a statement, Hermes Pacific Investments said it made a GBP117,000 pretax loss in the 12 months ended March 31, compared with the GBP122,000 pretax loss in the previous year. However, its total comprehensive loss for the year was GBP183,000, compared with a loss of GBP99,000 for the previous financial year. The company cited a large impairment of one of its investments.
"We are focussed on our cost base and aim to keep it low, particularly whilst we are in the process of deploying our cash," the company said.
Hermes Pacific had GBP4.1 million in cash at the end of March.
"We continue to evaluate other suitable opportunities in emerging markets and with our strong balance sheet expect to make further investments in the near future," the company said.
Hermes Pacific shares were Tuesday untraded at 112.5 pence.
By Samuel Agini; [email protected]; @samuelagini
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