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LONDON (Alliance News) - Blue Star Capital PLC Tuesday reported a loss in the first half of its financial year.
The investment company, which focuses on technology and its applications within media and gaming, said its loss before and after tax amounted to GBP149,104 in the six months ended March 31, compared with a profit before and after tax of GBP378,867 in the corresponding period one year ago.
The loss came as the company booked a loss on investments held at fair value through profit and loss, compared with a gain of GBP479,485 in the corresponding period of the prior year.
"The board is continuing with its strategy of supporting the existing investee companies whilst seeking to identify new opportunities to enhance shareholder value," Chairman Graham Parr said in a statement.
The chairman said the company is "disappointed" that Oak Media Ltd hasn't grown as anticipated. He said the overall portfolio is performing well. Since the end of March, the company has completed a GBP50,000 investment in Sthaler Ltd, an early stage identity and payments technology business.
"We continue to run the company on a low cost base and remain optimistic that the current strategy will achieve an enhancement in value for shareholders over the medium term," Parr said.
Blue Star shares were down 20%, equivalent to 0.050 pence, at 0.200p on Tuesday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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