LONDON (Alliance News) - Juridica Investments Ltd on Wednesday swung to profit in its recently finished financial year, but net asset value continued to dive.
Juridica booked a total comprehensive income of USD1.1 million for 2017 compared with USD37.8 million loss the year before, helped by halved operating costs, which totalled USD2.5 million. The year earlier operating costs stood at USD4.5 million.
Despite this, its net asset value per share dropped to USD0.1563 as at the end of 2017 from USD0.2541 as at the end of 2016.
The stock was trading 2.4% lower at 11.10 pence per share on Wednesday.
The company, which provides funding for corporate legal claims in exchange for a share of the settlements, said that this was a result of both income and payment of dividend.
Juridica declared second interim dividend of 4.00 pence per share, bringing the total payout since inception to 115.6p.
The group noted it is continuing the run-off process it began in November 2015 and is aiming to monetise all its remaining investments by the end of 2018.
