5th Jun 2015 08:37
LONDON (Alliance News) - Natural resources-focused investing company Paternoster Resources said its pretax loss widened in 2014 as its net asset value rose but the net gain it made on its investments fell.
The company said its pretax loss for the year was GBP120,372, widened from a GBP21,144 loss in 2013. That year, the group made GBP238,411 in total income from net gains on its investments and its investment income, but this fell to GBP121,244 in 2014.
Its net asset value rose to GBP2.8 million from GBP2.6 million. The only investment made over the year was in West Africa-focused oil and gas explorer Elephant Oil Ltd and it sold out of its investment in Quadrise Fuels International PLC, the London-listed oil and gas technology company.
"The company has made good progress with its current portfolio, whilst seeking to add more interesting and attractive investments. At the same time, given the current market environment, the company is keen to ensure that it maintains a healthy cash balance or cash equivalents in order to take advantage of new opportunities as they arise," said Chairman Nicholas Lee.
Paternoster shares were down 2.4% to 0.2 pence on Friday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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