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LONDON (Alliance News) - BlackRock World Mining Trust PLC said Thursday its profit for the first half of the year increased 11%, while its net asset value was "broadly flat".
The company's net asset value per share dipped 2.2% to 445.79 pence from 456.01p at the end of December. The company's net profit increased to GBP16.4 million for the six months to June-end from GBP14.8 million in the comparative year ago period.
Net revenue earnings increased 11% to 9.29p per share from 8.38p the year prior.
"The broadly flat net asset value performance over the period belies what was in fact a relatively volatile spell, in which encouraging underlying earnings progress in the sector was disrupted by increasingly hostile rhetoric from the US administration on trade tariff," the company said.
The company added that, from June 30 to the close of business on Wednesday, its NAV decreased by 8.5% compared to a fall of 7.5% in the reference benchmark, the EMIX Global Mining Index.
The trust kept its interim dividend at 6.0p after issuing two quarterly dividends of 3.0p each.
For the rest of 2018, the company said that the tensions between the US and China "could act as a brake on economic expansion". However, it remains "cautiously optimistic" on its outlook "as companies are better positioned to withstand commodity price volatility".
Shares in the trust closed up 0.3% at 358.00p each.
