LONDON (Alliance News) - Tiger Resource PLC on Friday reported a decline in its net asset value in 2018 as it sold some investments resulting in above average returns.
Tiger shares were trading 59% higher on Friday at 0.28 pence each.
The Australia-based mining investment company said its loss widened in 2018 to GBP420,049 from GBP194,073 reported a year prior, while revenue rose to GBP11,784 from GBP7,089.
Tiger's NAV fell 35% to 0.4p per share from 0.62p per share as at the end of December 2017, mainly due to the investment portfolio reacting in a similar downward trend in line with junior resource markets.
The company, however, benefited from individual stocks, it said, which performed well during the year and realised profits where possible.
Tiger sold 95,000 Rockrose Energy PLC shares in February 2018, realising a net gain of GBP293,854 on the disposal, and also cashed in an additional GBP142,500 as a result of a capital distribution made by Rockrose.
In 2018, Tiger made investments in Bezant Resources PLC, Corallian Energy Ltd, Block Energy PLC and Royal Dutch Shell PLC. Block Energy has performed well, Tiger highlighted, which allowed the company to crystallise a profit by selling half of its holding in this investment in April.
"We look forward to improved operating conditions and some of our investment producing above average returns, similar to our recent achievements in RockRose and Block Energy," said Executive Chair Colin Bird.
Bezant Res (BZT)
Tiger Resource (TIR)
Block Energy P. (BLOE)