22nd Dec 2015 12:02
LONDON (Alliance News) - Port Erin Biopharma Investments Ltd said Tuesday it continues to look for value-enhancing investments to add to its portfolio, as it reported a swing to a pretax loss for its most recently ended financial year.
For the year to end-June, Port Erin reported a pretax loss of GBP601,646, swung from a pretax profit of GBP1.4 million a year before, mostly as a result of an investment loss of GBP190,775, compared to an investment gain of GBP2.1 million the previous year.
Port Erin did not proposed a dividend for either year.
Port Erin did however returnproceeds from its sale of 116,635 shares in Magna Biopharma Income Fund, which generated GBP1.2 million, to shareholders at a level of 15.87 pence per Port Erin share in February. As a result of the share sale, Port Erin's holding in the Magna Biopharma was reduced in value to GBP1.2 million. Port Erin said it remains confident Magna will take advantage of any market upturn.
Shares in Port Erin were untraded Tuesday at 6.00 pence.
Elsewhere, Port Erin expressed confidence for the potential of its investments in two AIM stocks: Plethora Solutions Holdings PLC, which is currently subject to an offer from Hong-Kong listed Regent Pacific Group, and Summit PLC, which has continued to make progress with its development pipeline.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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