LONDON (Alliance News) - Pires Investments PLC on Friday said results in its last financial year were disappointing, even though the level of losses in the first half were "stemmed" in the second.
The company's loss before and after tax widened to GBP454,698 in the year ended October 31, 2015, from GBP326,909 a year earlier. In the six months ended April 30, 2015 the first half, Pires made a loss before and after tax of GBP355,376.
Chairman Peter Redmond said the main reasons behind the loss were the "poor performance" of the share price of Pires's principal investment, Rame Energy PLC, the "lack of progress" on the European wind projects of Pires's subsidiary, Ventec Renewable Energy Ltd, and the level of Pires's operating costs relative to its "modest" asset base.
Redmond said Pires's investments in Kennedy Ventures PLC and 3Legs Resources PLC performed satisfactorily, although the smaller size of those investments means that "gains are more than offset by the decrease in the share price of Rame."
The chairman said that Pires intends to raise additional funds in the near future by way of a share placing.
Shares in Pires were down 16% at 4.00 pence Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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