23rd Mar 2018 13:27
LONDON (Alliance News) - Leaf Clean Energy Co on Friday reported a narrowed loss for the first half of its financial year due to gains on investments.
The renewable energy investment firm made a pretax loss of USD6.7 million for the six months to the end of Deember, compared with USD14.4 million pretax loss recorded in the year ago period. Net gains on investments at fair value totaled USD620,000 versus USD13.5 million loss on investments in the prior year.
Leaf Clean's net asset value also rose by USD1.4 million to USD89.6 million between June 30 and December 31, as its NAV per share increased 1.5% to 56.17 pence, due to the comprehensive income for the period.
The company said its administrative expenses decreased to USD771,000 from USD976,000 and it is currently on track to meet this budget for the full year.
"In the coming months, the Leaf board and management will continue to focus on achieving expedient realisations of the assets to enable additional future distributions to the shareholders," the company said in the statement.
"The Leaf board and management have maintained and will continue to maintain an appropriate cash balance to ensure that Leaf can continue to execute its strategy," the company added.
Leaf Clean Energy shares were trading 0.4% lower at 0.27 pence per share on Friday.
