31st May 2019 11:02
LONDON (Alliance News) - Metal Tiger PLC on Friday said it swung to loss in 2018 on the poor performance of a portfolio company.
The company, which invests in mineral explorers and developers, posted a pretax loss of GBP4.0 million in 2018 compared to GBP347,000 profit reported a year earlier. Metal Tiger recorded a GBP511,000 loss on disposal of investments versus GBP3.9 million gain in 2017.
During the year, Metal Tiger sold its 30% interest in the T3 copper project in Botswana, generating a profit of GBP12.5 million. However, this has been offset by a decline in the price of MOD Resources Ltd shares during the year and by a more general reduction in the market price of the company's quoted equity portfolio.
Metal Tiger holds an 11% interest in MOD Resources.
Meanwhile, the company's NAV grew 6% to 1.40 pence as at December 31 from 1.33p reported at the end of 2017.
Metal Tiger's shares were trading at 1.25p at the end of the year, representing a 11% discount to NAV. The stock was up 3.8% on Friday morning at 1.32p.
"The board believes 2018 was a transformational year for the group with significant progress being achieved across our investment portfolio," said Chief Executive Michael McNeilly.
"We have continued to make good progress in 2019 across both our direct projects and direct equities divisions and look forward to further value realisation across our portfolio," added McNeilly.
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