LONDON (Alliance News) - AfriAg PLC Friday said its pretax profit narrowed significantly in 2013 as administrative expenses fell and it benefited from lower charges and write-offs.
The agricultural investing company said its pretax loss narrowed to GBP306,511 from GBP4.8 million for the 18-month period prior to December 31, 2012.
The company said that its administrative expenses fell during the period and its previous figures were hit by a GBP203,292 charge on the disposal of an investment and a GBP4.1 million write-off of group balance.
In the early part of the year, AfriAg changed its investment policy, acquiring a portfolio of shares in various quoted agricultural companies and purchasing a 40% interest in African agri-logistics company AfriAg Pty Ltd.
"The board envisages an exciting growth period for the Company as it continues to implement its investment strategy of focusing on African related agri-business and agri-logistics and continues to evaluate new investment opportunities in these sectors as they arise," Executive Chairman David Lenigas said in a statement.
AfriAg shares were up 0.9% to 0.464 pence on Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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