LONDON (Alliance News) - CIC Capital Limited Thursday said its pretax profit fell to CAD5.9 million in the six months ended July 31 from CAD31.1 million a year earlier. The year-earlier figure was restated upwards from CAD115,437 to include a fair-value profit on investments of CAD31.0 million.
The consulting and advisory firm, which operates primarily in the mining and energy infrastructure sectors, said that its revenue comes mostly from providing services to CIC Gold Limited, in which it holds a 59.87% stake. Revenue was CAD6.9 million in the recent six months, compared with CAD491,383 a year earlier.
It said administrative costs for the period came to CAD945,310, up from CAD375,946.
CIC Capital, which seeks equity interests in client companies in return for its services, also holds a 48.36% interest in CIC Fuels Limited, company focused on alternative heavy oil emulsion fuels technologies.
Earlier Thursday, CIC Capital said its net profit multiplied in the first quarter to CAD2.5 million, from CAD76,945 a year earlier.
The company said that as of July 31 its total assets stood at CAD58.5 million, up from a restated CAD36.6 million a year prior.
CIC Capital were up 18% Thursday afternoon, at 7.24 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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