LONDON (Alliance News) - Alpha Returns Group PLC Monday reported a narrowed pretax loss in 2013, primarily due to a significant drop in administrative expenses, though figures in 2012 were inflated by the settlement of a creditors' voluntary arrangement.
Since the year-end, Alpha Returns has raised GBP1.4 million before expenses in new equity, acquired an additional 15% shareholding in Singapore-based IT service solutions provider Telistar Solutions Pte Ltd. It has also bought 30% stakes in Hong Kong-based securities firm M Y Securities Ltd and in China start-up coffee chain business Shenzhen Maxlife Catering Management Co Ltd.
Chairman Chan Cheong Yee said progress is being made with the acquisitions of MY Securities and MaxLife, and is looking to complete them in the second-half of 2014. They also expect continued growth in the Asia-Pacific region to present additional investment opportunities.
Alpha Returns, which invests in Asian economies, said that it made a GBP328,149 pretax loss on its continuing operations in 2013, compared with a GBP363,573 equivalent a year earlier. Administrative expenses fell to GBP343,665, from GBP766,842, but figures in 2012 were boosted by a GBP468,618 exceptional credit as a result of the settlement of a creditors? voluntary arrangement entered into by the company before it was known as Alpha Returns.
The company was previously known as Shidu Capital PLC until a name change in August 2013. Prior to that, it was known as Digital Learning Marketplace PLC, but turned into an investing company after closing its e-learning operations and disposing of the associated assets in 2012.
Alpha Returns shares were Monday quoted at 2.00 pence, down 5.9%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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