16th Aug 2018 14:26
LONDON (Alliance News) - TMT Investments PLC on Thursday said its loss narrowed in the first half of its recently ended financial year, boosted by portfolio gains.
Net asset value per share increased to USD2.81 in the six months to the end of June from USD2.43 as at the end of 2017.
In the first half of 2018, TMT reported a gain on investments of USD817,594 compared to a USD958,465 loss a year before. As a result, pretax loss narrowed to USD1.3 million from USD2.1 million.
Administrative expenses rose to USD606,143 from USD518,093 a year before, due to resumption of office rent payments and currency exchange fluctuations.
TMT said it has a portfolio of over 30 companies focused around big data, e-commerce, and software-as-a-service tools.
During the period, the company made its first blockchain-related investment through participation in the first phase of the pre-initial coin offering, conducted by mobile application company Telegram Group Inc. TMT said it pre-paid USD300,000 for Telegram tokens as part of the transaction.
Also, the company invested an additional USD300,000 in computing company Sixa Inc.
"We are delighted with our portfolio company performance in the first half of 2018," said Executive Director Alexander Selegenev.
"We continue to see exciting investment and exit opportunities in our chosen sectors and we look forward to updating our shareholders on the company's progress in the near future," added Selegenev.
Shares in TMT Investments were untraded on Thursday, last quoted at 2.38 pence each.
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