4th Sep 2015 14:19
LONDON (Alliance News) - Tricor PLC on Friday said it swung to a tiny pretax profit in its last financial year despite revenue more than halving, and said it is focused on its costs as it continues to source new funding.
The natural resource investment company reported a GBP34,000 pretax profit in the financial year ended March 31, swinging from a GBP3.7 million loss a year earlier despite revenue plummeting to GBP1.6 million from GBP3.9 million.
Although revenue fell, gross profit only experienced a slight drop, and Tricor slashed its costs and booked a GBP1.8 million gain arising from the write back of certain creditors following the restructuring of the company's debt.
The investment company has three major investments in Tricor Environmental Pte Ltd, Tricor Minerals Pte Ltd and Tricor Resources Trading Pte Ltd.
"The company is evaluating its further needs and potential sources of funding to ensure that further working capital is available as soon as possible," Tricor said. "The company continues to look at and evaluate investments which may fall within its investing policy."
Tricor shares were down 16% to 0.715 pence per share on Friday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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