LONDON (Alliance News) - Blue Star Capital PLC Friday said that it swung to a first-half profit, driven by a GBP479,485 gain in the fair value of its investments.
In a statement, Blue Star Capital said that it made a GBP378,867 profit in the six months ended March 31, compared with a GBP253,431 loss in the corresponding period a year earlier. The result was also aided by administrative expenses falling to GBP80,452, from GBP95,309. Net assets increased to GBP1.6 million, from GBP519,241, over the course of the six months.
"Having successfully raised sufficient equity to fully repay and convert the shareholder loan which stood at over GBP600,000 at the company's year end, brought in new management, and developed a solid investment strategy, the board believes that significant progress has been made in the period," Chairman Graham Parr said in a statement.
Parr added that the company's stronger position means that it can assess further investments.
Blue Star Capital invests in technology and its applications in media and gaming. It has invested in gaming technology company OAK Media Ltd, Gibraltar-based investing company Disruptive Tech Ltd, and software developer Vigilant Applications Ltd.
Blue Star Capital shares were Friday quoted down 9.1% at 0.500 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Blue Star (BLU)