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LONDON (Alliance News) - Mineral & Financial Investments Limited Friday said pretax losses narrowed in the first half as the company recorded smaller losses of the fair value of its investments.
The company said its pretax losses narrowed to GBP649,000 for the six months ended June 30 compared to GBP2.0 million the year before.
MAFL losses on the disposal of some investments widened to GBP274,000 from GBP105,000, but losses of the fair value of held investments declined to GBP254,000 from GBP1.7 million.
In May MAFL was told that Silvermere Energy, which owed it an outstanding loan totalling GBP660,000, was entering insolvency and may not be able to pay off the loan.
MAFL had a GBP1.1 million overall investment portfolio and a net cash position of GBP860,000 at the end of the period.
MAFL shares were down 5.0% to 4.75 pence Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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