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LONDON (Alliance News) - Worldsec Ltd on Friday widened its interim loss due to a change in fair value of its financial assets.
In the six months ended June 30, the investment company widened its loss to USD558,000 from USD188,000.
The investment company that focuses on unlisted companies in south east China reported an income loss of USD351,000 in the first half.
Worldsec said the loss was principally due to adopting a new accounting standard, IFRS 9.
The company's interim revenue was flat at USD48,000.
Staff costs increased to USD127,000 in the first half from USD103,000.
The company previously announced it is in negotiations with a corporate investor over a proposed placing and Worldsec this will "better position the group to compete for quality deals to expand and diversify its investment portfolio with an enhanced scale of operations".
Shares in Worldsec were untraded Friday but last closed at 6.50 pence each.