LONDON (Alliance News) - Terra Capital PLC Tuesday said it swung back to a profit in the first half after making a loss last year.
The real estate investor reported pretax profit of USD1.5 million for the period ended June 30, after a loss of USD87,000 in 2012.
Terra said total net income increased to USD2.7 million, from USD386,000, while net assets jumped to USD62.8 million compared with USD61.9 million at the end of December 2012.
The company said the fund's portfolio continued to increase its equity exposure in the second quarter, and at the end of the quarter the portfolio was over 52% invested.
"At 27.87%, Europe was the fund's largest geographic exposure as we continued to identify highly compelling valuations across the region," Terra said.
Asia was the second largest regional exposure at 10.93% of the portfolio, with Vietnam and Bangladesh accounting for half that exposure.
Last year the company appointed an investment manager, headed by non-executive director Filip Montfort, to search for undervalued assets in which to invest.
The company said its investment portfolio now represents 53% of net assets and is invested in 32 positions across 23 countries.
Terra shares were trading at 0.770 pence Tuesday afternoon, down 0.005 pence, or 0.7%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com;
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