LONDON (Alliance News) - Zegona Communications PLC on Friday reported a swing to profit on increased income due to a gain in fair value on its investments.
In the six months ended June, Zegona swung to a pretax profit of EUR26.7 million from a EUR6.0 million loss a year before.
The 'buy-fix-sell' company increased its finance income to EUR29.3 million in the first half from EUR45,000 the year before.
Zegona invested EUR25.9 million in its sole investment, Euskaltel Group - a telecommunications company in northern Spain - resulting in a gain on its fair value investment.
The company said it continues to "evaluate new acquisition opportunities and actively pursue those which initially meet our rigorous financial and strategic criteria".
Shares in Zegona Communications closed up 2.2% Friday at 115.00 pence each.
Zegona Com (ZEG)