27th Mar 2015 10:34
LONDON (Alliance News) - Polo Resources Ltd Friday said its total net assets fell in the first-half of the financial year and said it has fallen further since, and said it has a strong cash balance to allow it to take a "flexible approach".
The natural resources exploration investment company said in the six months ended December 31, its total net assets fell to USD137.4 million from USD161.0 million a year earlier. Polo added that its total net assets as of Wednesday were USD114.3 million, representing another significant fall.
Polo reported a USD2.1 million pretax loss in the period, narrower than the USD2.5 million loss made a year earlier.
"In the near term, we will continue looking to grow our portfolio following our strategy to support near-term producers with proven resources, professional management teams and inherent upside potential," said Executive Chairman Michael Tang.
On Wednesday, the company reported a net cash position of USD31.2 million.
"The directors are satisfied that the company maintains a strong financial position, enabling Polo to take a flexible approach to the acquisition and disposal of investments," said Tang.
Its net asset value per share has risen to 27.7 pence as at March 25, from 27.2 pence at the end of December.
Polo shares were up 23% to 6.69 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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