LONDON (Alliance News) - All Asia Asset Capital Ltd on Friday reported a swing to a loss in the first half due to the absence of net realised gains on disposals from the year before.
In the six months ended June 30, All Asia Asset swung to a pretax loss of GBP124,132 from a profit of GBP1.2 million the year before.
The investment company's profit the year before stemmed from a GBP1.2 million net realised gain on disposal of available-for-sale investments in the first half of 2017.
All Asia's administrative expenses decreased in the period to GBP124,132 from GBP219,697.
The company's net assets decreased to GBP1.5 million from GBP1.6 million.
All Asia had cash and cash equivalents at the end of the half of GBP280,000 from GBP370,000 at the end of 2017.
The company's sole asset, a 7% stake in Myanmar Allure Group Co Ltd, a hotel, resort and gaming facility located in the Tachileik province of Myanmar, was valued at GBP1.2 million.
The company maintains its positive outlook regarding the long-term outlook towards Myanmar and the hotel, resort and gaming sector in particular.
During the period, Myanmar Allure continued its search for partnership opportunities as well as seeking to leverage its "prime position" for foreign gaming partners to collaborate in the expansion of its Tachileik facilities.
Chairman Robert Berkeley said: "In the World Bank's May 2018 Myanmar Economic Monitor report, the overall assessment was an improved economic growth performance during fiscal year 2017/18, with a real GDP growth of 6.4%.
"This signaled an about-turn from the more modest experience of fiscal year 2016/17 which saw 5.9% real GDP growth amid a deteriorating outlook at the time. Furthermore, inflation pressure has moderated and the current account deficit has narrowed against the backdrop of strong export growth, whilst exchange rates were stable during that period."
Shares in All Asia Asset Capital were untraded Tuesday but last closed at 2.00 pence each.
