30th Sep 2014 14:48
LONDON (Alliance News) - Northwest Investment Group Ltd Tuesday said its pretax loss narrowed to GBP144,200 in the six-month period to the end of June, from GBP148,079 in the corresponding period last year.
The group said its loss is due entirely to administrative expenses.
"During the second half of 2013, we engaged in discussions with seven hydropower companies with projects that are of potential interest, and we have reported two of them to our board of directors for a decision, after initial screening. No investment decision has been made to date. Due to the uncertainties in the financial market, we have become more prudent in selecting the proper project; however we continue to actively search for high-quality hydropower assets to be injected into Northwest Investment Group," Chairman Li Kaifeng said in a statement.
Northwest Investment Group raised GBP3.0 million from investors and was admitted to AIM in June 2010. Shareholders approved the company's investing policy in preference to a potential liquidation at its annual general meeting held on May 5, 2014.
Northwest Investment Group shares were Tuesday untraded, quoted at 1.62 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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