LONDON (Alliance News) - Tiger Resource Finance PLC, an oil and gas investment company, saw dropping net asset value per share and total assets, as share prices fell across its portfolio in the half-year ended June 30.
The company's NAV per share was 2.40 pence, down 32% from 3.53 pence in the comparative period of the previous year. Its total assets were GBP3.5 million, down 22% from GBP4.5 million. The company posted a pretax profit of GBP31,989, down significantly from GBP298,205 in the previous year.
The investment world had turned away from commodity-driven small companies and small-cap stocks continued to suffer major value loss, the company said.
"Historically, at this juncture in the cycle we would reasonably expect price earnings ratios to be driven up to the point where investors start bottom fishing for better value," the company said in a statement. "This is yet to happen but we do see signs of history repeating itself."
The company said that it maintained a positive outlook towards its business plan, even though it was difficult to be optimistic "when surrounded by negative influences."
Tiger Resource Finance shares were trading down 1.8% at 1.89 pence Wednesday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Tiger Resource (TIR)