20th Sep 2013 14:55
LONDON (Alliance News) - Livermore Investment Group Limited Friday said its pretax profit declined by over 50% after it made substantially smaller net gains on its investments in the first-half.
Livermore said it made a USD7.3 million pretax profit for the six months to June 30, compared with USD19.3 million for the corresponding period the previous year. The decline can be attributed to plummeting gains on investments, which fell 93% to USD1.1 million.
However, Livermore's net asset value per share was up to USD0.89 on June 30, compared with USD0.74 on June 30 2012, because the net assets attributable to shareholders increased 4% to USD174,205 and the number of shares in circulation declined 15% to 195.3 million. Livermore said "the increase in NAV relates largely to gains from the financial portfolio partly offset by write downs on certain investments."
"During the reporting period, management continued to actively manage the financial portfolio and reduced exposure to subordinated bank bonds while increasing exposure to the US credit markets, which provided attractive risk adjusted returns, albeit at a lower rate than prior years," the company said in a statement.
Livermore shares were Friday quoted at 48 pence, up 0.38 pence, or 0.8%.
By Samuel Agini; [email protected]; @samuelagini
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