LONDON (Alliance News) - Paternoster Resources PLC said Wednesday that its loss for the first half of the year narrowed as its fee and investment income multiplied.
For the six months to June 30, the investment company's pretax loss narrowed to GBP97,482 compared to GBP793,959 a year prior, as a result of narrowed losses on investments to GBP110,119 versus GBP627,081.
Meanwhile, the company's fees and investment income increased to GBP169,759 from just GBP1,871 a year ago.
New asset value tripled to GBP7.4 million from GBP2.4 million at the end of December, but net asset value per share fell by 51% to 0.118 pence from 0.242p, due new shares being issued.
"During the first half of 2018, the company has made very significant progress in terms of its development as an investment company," Chairman Nicholas Lee said.
He added: "A substantial amount of new capital has been raised, from both new and institutional investors and good progress has been made in deploying this new capital in investments that provide both income and downside protection."
Paternoster Resources shares were trading up 4.9% at 0.097p each in London on Wednesday.