30th Sep 2014 13:33
LONDON (Alliance News) - Investment company Masawara PLC Tuesday said it swung to profit in the first-half, after it sold its stake in Masawara Energy (Mauritius) Ltd.
The company, which acquires stakes in companies based in Zimbabwe and the southern African region, posted pretax profit of USD4.4 million for the six months to June 30, compared with a USD1.2 million loss a year earlier, as revenue crept up to USD998,978 compared with USD938,885.
During the period the company made a USD6.2 million profit on the disposal of its interest in Masawara Energy (Mauritius) Ltd.
A USD528,000 gain was also recognised regarding the disposal of the company's 20.75% stake in Minerva Park Advisors (Private) Ltd.
Nonetheless, the company's performance was weighed down by a USD2.5 million impairment loss that was recorded on Telerix Communications (private) Ltd loan notes.
Masawara shares were quoted down 2.9% at 50.00 pence per share Tuesday.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
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