LONDON (Alliance News) - Alpha Returns Group PLC said Thursday that it expects to post a slightly narrowed pretax loss for 2013, benefiting from a 50% reduction in administrative costs.
The investing company expects to post a pretax loss of GBP330,000, narrowed slightly from a loss of GBP364,000 in 2012. In 2012 the company saw an exceptional credit of GBP469,000, which helped narrow its loss.
The company raised GBP1.04 million in new equity and invested its investing policy, taking a 18.75% interest in Singapore based Telistar Solutions Pte. Ltd for GBP300,000. It also invested in a small portfolio of Hong Kong traded stocks for GBP49,000 during the year.
In March 2014 the company raised a further GBP725,000. It said that Telistar continues to perform in line with its expectations. Telistar posted a pretax profit of SGD188,000 in 2013, up from SGD128,000 in 2012. It is expanding into mainland China during 2014.
Alpha Returns is planning a further fund-raise of GBP650,000 to strengthen its financial position. It will make a further announcement in due course, it said.
Alpha Returns expects to announced its results on or around June 20.
Shares in Alpha Returns is trading flat at 2.25 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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