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LONDON (Alliance News) - Westmount Energy Ltd said Wednesday it swung to an annual profit in what it described as a "successful" year.
For the financial year ended June 30, the energy sector investment company posted a pretax profit of GBP561,080 compared to a GBP200,500 loss a year before. This was achieved on the back of higher operating profit driven by "the strong share price performance" of Westmount's strategic investment in Eco Atlantic Oil & Gas Ltd.
"The Eco Atlantic investment has almost trebled in value since our investment in February 2017 while the company's holding in Ratio Petroleum Energy Ltd Partnership, which was acquired during the year, has also more than doubled in value," Westmount explained.
It reported the fair value of its non-current financial assets as GBP1.7 million on June 30, up from GBP720,591 a year before.
Looking ahead, Westmount said it will continue to seek to capture value for shareholders and seek international investment opportunities.
Shares in the company were untraded on Wednesday, last closing at 8.50 pence each.
