Malin swings to interim profit as investment income surges, costs cut

(Alliance News) - Malin Corp PLC on Wednesday reported a swing to an interim profit as investment income grew and administrative expenses were slashed.

Pretax profit in the six months to June 30 stood at EUR600,000 versus a loss of EUR2.2 million a year prior. Investment income jumped to EUR1.6 million from EUR300,000.

The Dublin-based investor in life sciences companies reported that administrative expenses more than halved to EUR800,000 from EUR2.2 million.

However, intrinsic equity value per share dropped 13% to EUR7.61 at June 30 from EUR8.70 at December 31, 2021.

The company estimates that value to be at EUR9.08 per share at September 5, down 1.7% from EUR9.24 on June 30, 2021. This compares to an untraded share price of EUR4.53 in Dublin on Wednesday.

Looking ahead, Chief Executive Darragh Lyons said: "I am confident that we will see continued operational, clinical and transactional progress within Malin and our investee companies during the months ahead."

By Tom Budszus; tombudszus@alliancenews.com

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