LONDON (Alliance News) - Blenheim Natural Resources PLC on Friday said its identity as an investment company with cash resources renders it "well positioned" to take advantage of "opportunities offered by the current low valuations in the natural resources sector".
Losses before and after tax narrowed to GBP68,621 in the six months ended October 31, from GBP74,969 in the corresponding half the prior year.
Revenue amounted to GBP4,953 in the half. No revenue was recorded in the prior year period.
Administrative expenses rose to GBP56,542 from GBP37,611. Finance costs fells to GBP17,732 from GBP18,667.
Net gains from financial assets at fair value through profit or loss amounted to GBP681.0 versus GBP18,691 of other losses the prior year.
"It remains our policy to make investments in 'good value' companies and projects in the natural resources sector by way of cash and Blenheim shares and the timing of such investments is critical in maintaining and enhancing the company's financial position. In this regard, the Blenheim board remains hopeful that the slide in commodity prices may touch bottom during 2016," Chairman Chris Ells said.
The company's balance sheet was strengthened by two placings, in October and December 2015, which raised together raised GBP781,750, as well as the extension of the maturity date of convertible loan notes totalling GBP275,000 to April 15, 2017.
Shares in Blenheim were down 5.9% at 1.20 pence on Friday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Blenheim Natural Resources (BNR)