(Alliance News) - Bluefield Solar Income Fund Ltd on Wednesday said it was encouraged by continued progress, with generation and sale of solar and wind power performing well, despite posting a fall in net asset value.
The Guernsey-based income fund, which focuses on UK-based renewable energy assets said net asset value declined 2.7% to 135.95 pence each as at December 31, from 139.70p at June 30.
Pretax profit plunged to GBP4.0 million in the six months to December 31, from GBP37.6 million a year prior. Notably, net gains on financial assets held at fair value fell to GBP4.6 million from GBP38.4 million.
Operating income dropped to GBP5.1 million from GBP38.8 million.
The company said its dividend target per share was 8.80p for the current financial year ending June 30, up 2.3% from 8.60p a year prior.
Chair John Scott said: "The board is encouraged by the continued progress made by your company in the past six months. From an operational perspective, most aspects of our core business - namely the generation and sale of solar and wind power - performed well."
Bluefield Solar shares rose 1.5% to 103.89 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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Bluefield Solar (BSIF)