Investment Firm Port Erin Biopharma Swings To Small Interim Loss

27th Mar 2018 14:48

LONDON (Alliance News) - Port Erin Biopharma Investments Ltd said Tuesday that it swung to a small pretax loss for the first half of 2018 financial year due to losses on investments.

The biotechnology investment company recorded a pretax loss of GBP74,631 for the six months to the end of 2017, compared with pretax profit of GBP429,311 in the year ago period. Investment loss totaled GBP1,596 versus gain of GBP546,062.

The company's net asset value per share at period end was 8.80 pence, down from 9.11p on June 30, 2017.

"Whilst our current investments continue to make encouraging progress, the board is also evaluating a number of further investments within our investing policy which we believe have considerable future potential," Chairman Jim Mellon said.

Shares in the company were untraded at 4.00 pence.