30th Mar 2020 15:53
(Alliance News) - Polo Resources Ltd said Monday its interim loss widened substantially, due to a loss on the fair value of financial investments, while its net asset value also declined over the period.
Shares in Polo Resources were 20% lower at 1.40 pence on Monday in London.
For the six months to the end of December, Polo reported a pretax loss of USD6.5 million, widened from GBP1.6 million the same period the year before, as it made a GBP5.3 million loss on the value of its financial investments.
As at December 31, the natural resources-focused investment firm had a net asset value of USD53.9 million, down from USD54.9 million the same date the prior year.
Looking ahead, in face of the Covid-19 pandemic, Polo said its focus is to keep a tight focus on its day to day operating costs, and as a result said it sees no further calls to lend financial support to its investee companies.
"Polo's investment exposure is now primarily centered around the energy sector and we are mindful of the growing importance climate change and the desire by all governments to reduce their CO2 emissions is having on investors in terms of their investment decision focus and policy when it comes to investing in the hydrocarbon sector," said Executive Chair Datuk Tang.
"Polo has always taken the view that we have to offer our shareholders a balanced investment portfolio. In the case of both Hibiscus and GCM we are mindful of the environmental footprint of both these investee companies. Whilst there is a global desire to reduce CO2 and greenhouse gasses and for the world to transit much faster towards renewable energy, the transition will naturally take some time," Tang added.
By Dayo Laniyan; [email protected]
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