12th Mar 2019 11:51
LONDON (Alliance News) - Mineral & Financial Investments Ltd on Tuesday said its net asset value per share reached an "all-time high" value during the first half of its financial year.
Over the six months to the end of 2018, the company's NAV per share rose 73% to 12.5 pence from 7.25p a year ago.
The mining investor said the continued NAV growth was "in spite of market headwinds" particularly from a weak zinc price which removed 1.96p from the firm's NAV.
"We expected this trend to reverse, with LME Zinc inventories now approaching their lowest point in well over 21 years and halving in the last month alone," the company added.
The company posted a GBP722,000 pretax profit, up from GBP135,000 a year ago, mainly due to significant gains on investments of GBP838,000.
Mineral & Financial shares were trading up 5.8% at 9.20p each Tuesday.
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