22nd Dec 2015 13:10
LONDON (Alliance News) - Legendary Investments PLC on Tuesday said it swung to a profit in the first half of its financial year, mainly thanks to gains in the value of its investments.
The investment company made a net gain on investments of GBP2.5 million in the six months ended September 30, versus a loss of GBP117,000 in the corresponding half the prior year, which was the main reason for Legendary's GBP2.4 million profit before and after tax in the half.
That compared against a GBP231,000 loss before and after tax the corresponding period the prior year.
"This was due primarily to the gain on Virtualstock Holdings Ltd of GBP2.5 million and a small gain on the holding in Oracle Coalfields PLC off-set against losses on the other listed investments," the company said.
Administrative expenses were broadly maintained at the same level as the previous period at GBP116,000.
Shares in Legendary were up 0.1% at 0.140 pence on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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