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(Alliance News) - Investment company Worldsec Ltd posted a narrowed annual loss but a net asset value fall.
At December 31, Worldsec's NAV per share was 5.5 US cents, down 13% annually from 6.3 cents.
"During the year under review, the group made a new investment in an internet technology company called Beijing ByteDance Technology Co Ltd," Worldsec noted.
It made a pretax loss of USD704,000 narrowed from a USD803,000 in 2018.
"In this torrid time of the Covid-19 pandemic, the group's investment in the ICBC Shipping Fund will continue to generate a steady recurring income at a favourable yield particularly under the renewed accommodative easing environment. The outlook for the other investments of the group, with the exception of ByteDance, is however less than sanguine in the short term," Worldsec said.
Worldsec shares closed untraded at 2.00 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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