26th Jun 2020 10:42
(Alliance News) - Investment holding company Thalassa Holdings Ltd on Friday reported a narrowed annual loss, on cost reductions.
In 2019, the British Virgin Islands-based firm posted a pretax loss of USD3.8 million from USD6.5 million in 2018. Total administrative expenses were 4.5% lower at USD4.2 million.
Its share of losses of associated entities was 73% lower at USD629,523.
Revenue remained at a low level, but rose to USD170,357 from USD3,188.
Among its investments is Local Shopping REIT PLC, a real estate investment trust. Thalassa said the value of its investment in Local Shopping increased to 93% following a tender offer back in October.
"2019, was from Thalassa's point of view a period of immense hard work with very little reportable news. Having said that it was also a year of substantial progress on all fronts," Thalassa said.
Shares in the company were 13% higher at 55.00 pence each in London on Friday morning.
By Eric Cunha; [email protected]
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