LONDON (Alliance News) - Metal Tiger PLC said on Thursday that it recorded a swing to an annual profit after substantial gains on investment disposal.
The mining investment company recorded a GBP347,041 pretax profit in 2017, up from a GBP720,300 loss in 2016.
The company's strategy of investing in "undervalued AIM and ASX" companies proved highly successful. Gains from Metal Tiger's disposal of investments in 2017 were thirteen times higher than in 2016, leaping to GBP3.9 million from GBP296,280.
The company did not make any revenue but more than doubled its net gain on investments to GBP4.5 million from GBP2.2 million.
The initial public offering of Metal Tiger's joint venture in Thailand has been delayed pending the ratification of its minerals management plan by the Thai government, but the company was positive in its outlook.
"We are now emerging from the major resource sector cyclical bottoming," said Metal Tiger Chief Executive Officer Michael McNeilly.
"We have grown very rapidly during the last three years and expect this rate of growth to continue for the foreseeable future," he continued.
Shares in Metal Tiger were up 3.4% at 2.30 pence on Thursday.
