30th Sep 2015 14:18
LONDON (Alliance News) - Origo Partners PLC Wednesday reported a lower net asset value in the first half of 2015, although its pretax loss narrowed as it reduced administrative costs.
The company said that its net asset value in the six months to June 30 was USD50.7 million, down from USD54.3 million at December 31, as its NAV per share decreased to USD0.14 from USD0.16. It said the decline was down to ongoing operating expenses and non-cash based charges related to interest accrued to the convertible zero-dividend preferred shares.
Its pretax loss narrowed significantly, however, to USD3.8 million from USD30.6 million in the first half of 2014, which it said was due to a reduction in administrative costs.
"Recent gyrations in Chinese stock markets have created headlines around the world, and intensified speculation of a "hard landing" in the country's economy. Whilst we continue to monitor developments very closely and assess the impact upon Origo's investments, the extent to which Chinese stock market performance reflects the underlying performance of the economy is not yet clear. Furthermore, the recent devaluation of the Chinese yuan should stimulate the economy in the medium term whilst Chinese government policy remains highly supportive of the clean-tech sector," Origo said.
Shares in Origo were untraded on Wednesday, last quoted at 2.60 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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