(Alliance News) - Polo Resources Ltd said Friday that during the financial year ended June 30, strong value creating foundations have been made, placing its growth stronger for the next year.
The investment company said its net asset value per share at December 13 was 13.07 pence, down from 15.19 pence at June 30.
Net assets at June 30 was USD60.16 million, compared to USD60.28 million a year ago.
The company said the board decided to focus on supporting its current investee companies during the period.
"This was deemed to be a prudent approach given the lack of suitable investment opportunities and the erratic behaviour of commodity prices driven by a world economy that was suffering the impact of the on-going US-China trade war," the company said.
The company said it has seen three of its investee companies Hibiscus Petroleum Berhad, GCM Resources Plc and Celamin Holdings Limited make significant value accretive progress.
However, the company said its portfolio was impaired by the falling into administration of Weatherly International PLC difficulties in recovering debt in regards to Nimini Holdings Ltd and the difficulties Blackham Resources Ltd has been experiencing as it attempts to expand its gold production.
Polo Resources shares closed 4.3% higher in London at 3.92 pence each on Friday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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