LONDON (Alliance News) - Rasmala PLC on Friday said its loss more than halved in the first half of the year due to a significant drop in expenses, operating expenses in particular.
The investment company recorded a pretax loss of GBP566,000 in the six months to June, narrowed significantly from its GBP1.2 million loss the year before.
Expenses were the largest contributor to change, decreasing to GBP5.1 million from GBP6.4 million. Within that, Staff costs fell to GBP3.0 million from GBP3.5 million and other operating expenses were down at GBP2.1 million from GBP2.8 million.
Total operating income was down 11% at GBP4.6 million from GBP5.1 million, with income from financing activities shrinking considerably to just GBP45,000 from GBP559,000.
As at June 30, company's net assets had been reduced to GBP59.5 million from GBP86.9 million, while its cash and cash equivalents had grown to GBP9.2 million from GBP3.6 million.
"We are currently exploring the possibility of launching a fund to acquire new properties primarily in London and the South East. Our balance sheet remains strong, both in terms of capital and liquidity which we use to support investments made throughout the group," the company said.
"We remain optimistic as we continue to work closely with our clients to identify and deliver on investment opportunities," Rasmala added.
Shares in Rasmala were untraded at 136.25 pence on Friday.