25th Sep 2020 18:18
Worldsec Ltd - investment company - Reports a fall in interim earnings. For half year to June 30, revenue falls to USD48,000 from USD84,000 last year and pretax loss widens to USD265,000 from USD220,000. Attributes performance to lack of interest income following the redemption of a term loan in which Worldsec had previously invested and increase in negative change in fair value of financial assets. "The lockdown restrictions imposed under the Covid-19 pandemic have evidently altered the behaviours and habits of the mobile application users. They are spending more time and placing more reliance on their mobile devices for work, information, socialising, entertainment, accessing services and making purchases. This is likely to have a lasting effect on the mobile application economy which would be beneficial for the development of the Velocity group and the ByteDance group. In the near term, however, apart from the continued contribution of a stable stream of monthly dividends from the ICBC Ship Fund, the other investments of the group are not expected to contribute to the group's results in any meaningful way," notes company.
Current stock price: 3.5 pence
Year-to-date change: down 30%
By Arvind Bhunjun; [email protected]
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