19th May 2015 09:59
LONDON (Alliance News) - Tiger Resource Finance PLC Tuesday said its net asset value per share plunged in 2014, hit by the volatility which affected the commodities industry in the second half.
Tiger Resource said its net asset value per share fell to 1.24 pence at the end of December, down from 2.32 pence per share a year earlier.
The company said a number of its holdings have suffered due to the collapse in the oil price in the second half of 2014, though it remains confident the resources sector will recover, despite little in the way of a recovery having emerged so far in 2015.
"To a large extent, we believe that the over production has in essence been politically orchestrated to ensure that certain economies would suffer a double whammy, one from the international sanctions imposed and the other hugely reduced oil revenues," the company said.
"In essence, a disappointing year, but we remain confident that sentiment in the sector will turn positive and look forward to adding shareholder value as the industry recovers," it added.
Shares in Tiger Resource were down 8.6% to 0.8 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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