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LONDON (Alliance News) - Mineral & Financial Investments Ltd Friday said it swung to a profit in 2014 as it took a cautious approach to its commodities investment strategy.
The mining investment company said its pretax profit for the year was GBP302,000, compared with a GBP663,000 loss in 2013, as it got a GBP991,000 boost from fair value adjustments on its investments, compared with a gain of only GBP22,000 a year earlier.
The company said that against the backdrop of a tough commodities market, it adopted a cautious approach to its investments, limiting its exposure to larger companies and instead focusing on investments in certain favoured commodities, particularly uranium and more generally precious metals.
The company's net asset value per share rose by 30% in the year to 10.06 pence, though it said it was disappointed not to have completed its first strategic investment over the year.
Shares in the company were down 1.3% to 6.7876 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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