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LONDON (Alliance News) - Trading Emissions PLC reported a decline in net asset value over the year ended June 30.
The closed-ended investment company, which operates in environmental markets, posted a net asset value of GBP29.6 million, equivalent to 11.8 pence per share at June 30, down from GBP55.9 million or 22.4 pence on December 31, 2013, and GBP75.1 million or 30.1 pence per share on June 30 last year.
"The reduction in NAV during the second half of the financial year was caused mainly by a GBP11.4 million net reduction in cash and cash equivalents and a reduction of GBP12.9 million in the book value of the remaining private equity investments," the company said in a statement.
Trading Emissions reported a pretax loss of GBP9.4 million for the year ended June 30, compared with a loss of GBP27.1 million the prior year, when it booked a GBP20.4 million impairment of inventory at fair value, compared with only GBP2.2 million in the year just ended. The company generated revenue of GBP601,00 for the year, compared with GBP7.7 million a year earlier.
"Although significant challenges remain, the board is optimistic that further cash will be generated in the next 12 to 24 months," said Chairman Martin Adams in the statement.
The company's stock was untraded Monday morning at 8.15 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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