8th Jun 2015 08:32
LONDON (Alliance News) - Origo Partners PLC Monday said its net asset value declined and loss after tax widened in 2014 as it suffered from the adverse conditions in the resource sector and continuing uncertainty in Mongolia and China.
The company said its net asset value stood at USD54.3 million at the end of 2014, down from USD90.0 million mid-way through the year and down from USD135.0 million at the end of 2013, while its loss after tax widened to USD61.9 million, from USD57.9 million in 2013.
Origo expects the difficult market conditions in the resources sector to persist for some time, and has changed its policy from that of a closed-ended, permanent capital vehicle to that of a realisation company with the mandate to return the net proceeds of realisations to shareholders. It intends to sell its entire portfolio over the next four years.
Origo Partners shares were down 12.8% at 4.25 pence Monday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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