26th Sep 2019 13:13
(Alliance News) - Path Investments PLC on Thursday said it swung to profit in the first half of 2019 due to sale of assets.
The natural resources investment company reported pretax profit of GBP23,263 for the six months to the end of June compared to GBP483,418 loss a year earlier, thanks to an income of GBP400,000 on the sale of legacy Turkish assets, and lower administrative expenses, which were reduced to GBP376,800 from GBP483,492.
"The first half of 2019 was an extremely busy time for the company, culminating in our announcement, post the review period on August 19, of our intended purchase of FineGems Extraction Corp," said Chief Executive Christopher Theis.
"The proposed acquisition delivers on our corporate strategy; we are working tirelessly in these difficult times for the capital markets towards completion of the transaction," added Theis.
Path shares remained suspended, pending the publication of details of the proposed transaction. The shares were last quoted at 0.75 pence each.
By Evelina Grecenko; [email protected]
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