LONDON (Alliance News) - Starvest PLC on Monday said its net asset value fell in its most recent financial year after small share price decreases across the bulk of its investments.
As at September 30, the end of its year, the natural resource investor's net asset value per share was 3.70 pence per share, down 14% from 3.56p year-on-year.
"The majority of our investee companies have seen a small decrease in share price year on year, reflecting the lack of interest in the basic resource sector during the year," said Starvest Chairman and Chief Executive Callum Baxter.
The company's trading portfolio value was broadly flat year-on-year at GBP1.5 million.
Starvest said that a "flat economic climate" and low investor confidence within its investment sector had reduced valuations of its holdings.
In the year to September end, Starvest posted a GBP316,242 pretax loss, swinging from a GBP302,329 profit the prior year.
"It is our belief that there still remains many undervalued opportunities in the natural resource sector and we can benefit by employing our sector knowledge and market experience in sourcing compelling investments," said Baxter.
Shares in Strarvest closed up 5.0% on Monday at 1.90 pence.