12th Sep 2018 16:55
LONDON (Alliance News) - Hermes Pacific Investments PLC on Wednesday recorded a very marginally widened annual loss due to a negligible increase in administrative expenses and a drop in finance income.
The company's pretax loss in its financial year ended March 31 was GBP100,000, a small increase from its GBP95,000 loss the year before. This was the result of a drop in finance income to GBP7,000 from GBP11,000 and a slight increase to GBP107,000 in administrative expenses from GBP106,000.
Hermes Pacific reported no revenue for either year as its has no operating business. The company said it is focused on minimising costs while it seeks opportunities.
As at March 30 the company's cash stood at GBP3.7 million, down slightly from GBP3.8 million the year before.
"We have a strong balance sheet and cash resources that place us in a strong position to exploit investment opportunities as they arise," said Hermes Pacific Chairman Haresh Kanabar.
Shares in Hermes Pacific were untraded at 72.50 pence on Wednesday.
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