LONDON (Alliance News) - Investing company Gunsynd PLC said Tuesday it is evaluating further investment opportunities, as it reported a widened loss due to impairment of assets in its most recent financial year.
Gunsynd reported a pretax loss for its financial year ended July 31 of GBP510,000, widened from GBP367,000 the prior financial year. The widened loss was driven by the GBP301,000 impairment of available-for sale assets.
The company's net assets totalled GBP1.3 million at July 31, down from GBP1.6 million at the same date in 2015.
Gunsynd has a 10% investment in Brazil Tungsten Holdings Ltd, which is focusing on reducing costs in a difficult tungsten price environment. It also has a 5.0% stake in oil and gas firm Alba Minerals Resources PLC and a 2.0% stake in UK onshore oil and gas exploration company Horse Hill Developments Ltd.
"The company has been very active in reviewing additional investments in the natural resources sector and hopefully one or more can be concluded in the near term. We also see opportunities in the short term trading of assets where liquidity and value provide potential for very good returns.," said Hamish Harris, executive chairman of Gunsynd.
Shares in Gunsynd were down 0.9% at 0.0570 pence Tuesday morning.
By Adam Clark; adamclark@alliancenews.com
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Gunsynd (GUN)