23rd Sep 2013 08:23
LONDON (Alliance News) - Investment company Mentum Inc. Monday said it narrowed its half-year pretax losses and is considering possible investments in the Middle East and Africa.
Mentum said it made a USD147,000 pretax loss for the six months to June 2013, reduced from a USD483,000 pretax loss for the corresponding period the year prior. The losses are attributable to administrative expenses of USD147,000, down from USD215,000, a result of the company's cost reduction measures.
Mentum is fresh from a June 17 extraordinary meeting where shareholders approved a new investing policy of acquiring securities or assets in UK-listed companies with a focus on natural resources, primarily the oil and gas sector. Mentum was formerly known at Commoditrade Inc. when it was a metal and energy brokerage, and commodity trading company.
No interim dividend was declared.
Mentum shares were Monday quoted at 0.5 pence, down 0.05 pence, or 9.1%.
By Samuel Agini; [email protected]; @samuelagini
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