28th Aug 2015 10:05
LONDON (Alliance News) - Worldsec Ltd Friday reported a wider pretax loss in the first half of 2015 as it experienced higher operating expenses in one of its subsidiaries, although it did generate revenue having not done so the year before.
The investment holding company said that its pretax loss in the six months ended June 30 widened to USD228,000 from USD176,000 in the first half of 2014, but it did generate revenue of USD48,000, having not made any revenue the prior year.
Worldsec said that its revenue came from dividend income from its investment in the ICBC Specialised Ship Leasing Investment Fund, but that its loss increased due to higher operating expenses at its subsidiary Worldsec Investment (Hong Kong) Ltd and due to its investment in the start-up company Oasis Education Group Ltd.
"The outlook of the investment environment, which has been persistently challenging with a plethora of liquid capital and dry powder competing for quality deals, is clouded by the surge in volatility in asset prices subsequent to the unexpected devaluation of the renminbi and ahead of the expected normalisation of the US interest rates," Chairman Alastair Gunn-Forbes said in a statement.
"Nonetheless, notwithstanding the challenges, the group is confident of its ability to identify appropriate investment opportunities and will continue to work on building a diversified portfolio consistent with the investment policy of the company," he added.
Shares in Worldsec were untraded on Friday, last trading at 7.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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