LONDON (Alliance News) - Paternoster Resources PLC Friday said its income was more than offset by running costs in 2013, meaning it swung to a small loss.
In a statement, the investment company in the resources sector said it made a net loss of GBP33,148 in 2013, compared with a profit of GBP449,833 in 2012. It failed to realise any significant investments, and net gains in investments fell to GBP164,301, from GBP690,806 in 2012.
"The year ended 31 December 2013 has been a year of investment for the company. During this period, it has invested over GBP1 million in opportunities in the natural resources sector," it said.
Its net asset value stood at GBP2.6 million at the end of 2013, up from GBP2.7 million a year earlier, while its total investment portfolio was valued at GBP2.0 million.
Investments include stakes in Glencore Xstrata PLC, Quadrise Fuels International PLC, Cairn Energy PLC, Ophir Energy PLC, BG Group PLC, Red Rock Resources PLC, Jubilee Platinum PLC and North American Petroleum PLC.
It made new investments in Jubilee Platinum, Andiamo Exploration Ltd, Plutus Resources PLC, Shumba Coal Ltd and North American Petroleum in 2013.
"The company is focused on achieving further returns from within its current portfolio, whilst seeking to add more interesting and attractive investments. At the same time, given the current market environment, the company is keen to ensure that it maintains a healthy cash balance or cash equivalents in order to take advantage of new opportunities as they arise," it said in its outlook statement.
It said that it has continued to take profits on its investment in Quadrise Fuels International in 2014, and has now sold its entire holding.
Paternoster Resources shares were down 3.1% at 0.315 pence early Friday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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