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11 Nov 2010 10:46
11 November 2010
Crosby ASSET MANAGEMENT Inc.
("CAM" or the "Company")
Trading Update - Nine Months to 30 September 2010
CAM is pleased to announce its trading figures, for the nine months ended 30 September 2010.
Summary Financials (for the nine months ended 30 September 2010)
·; Revenue: US$1.63 million (nine months ended 30 September 2009: US$2.74 million)
·; Loss Attributable to Shareholders: US$0.09 million (nine months ended 30 September 2009: US$9.74 million)
·; Loss Per Share (basic): US cents 0.03 (nine months ended 30 September 2009: UScents 4.00)
Commentary
These results reflect the Company's strategy to constrain costs and preserve cash.
As previously announced on 4 October 2010, CAM completed the disposal of all its operating businesses and, accordingly, became an investing company, as defined by the AIM Rules.
The Company's investing strategy will be to acquire holdings in natural resources, minerals, metals and/or oil & gas companies which the Directors believe are undervalued and where one or more such transactions have the potential to create value for the Company's shareholders.
The Company expects to be an active investor, but decisions as to whether to invest will be governed by the terms of each transaction. Under the investing strategy, there is no limit on the number of projects into which the Company may invest, and the Company will consider possible opportunities anywhere in the world, although the Company has a particular focus on Africa, South America, Australasia and central and Eastern Europe.
For further information on CAM please contact:
Crosby Asset Management Inc.
Trevor Wells +44 (0) 20 3291 2863
Strand Hanson Limited
Stuart Faulkner / James Spinney +44 (0) 20 7409 3494
Trading Summary
Consolidated Income Statement
| |||||
Unaudited nine months ended 30 September | Unaudited nine months ended 30 September | Unaudited three months ended 30 September | Unaudited three months ended 30 September | ||
| 2010 | 2009 | 2010 | 2009 | |
US$'000 | US$'000 | US$'000 | US$'000 | ||
Revenue | 1,630 | 2,735 | 602 | 631 | |
Cost of sales | (291) | (338) | (6) | (16) | |
Gross profit | 1,339 | 2,397 | 596 | 615 | |
Gain/(Loss) on financial assets at fair value through profit or loss |
3 |
(1,859) |
(1) |
105 | |
Other income | 3,802 | 395 | 138 | 101 | |
Administrative expenses | |||||
Restructuring credit/(expenses) | 23 | (580) | (92) | - | |
Impairment of intangible assets | - | (10) | - | - | |
Other administrative expenses | (4,086) | (7,263) | (1,447) | (1,646) | |
(4,063) | (7,853) | (1,539) | (1,646) | ||
Impairment of available-for-sale investments | (6) | (1,458) | 59 | - | |
Reversal of impairment on available-for-sale investments |
75 |
- |
75 |
- | |
Other operating expenses | (304) | (2,076) | (128) | (564) | |
Profit/(Loss) from operations | 846 | (10,454) | (800) | (1,389) | |
Finance costs | (90) | (88) | (34) | (26) | |
Share of losses of associates | - | (38) | - | (39) | |
Share of profits of jointly controlled entities | 70 | 200 | 19 | 127 | |
Profit/(Loss) before taxation | 826 | (10,380) | (815) | (1,327) | |
Taxation | 4 | 33 | 1 | 9 | |
Profit/(Loss) for the period | 830 | (10,347) | (814) | (1,318) | |
Attributable to: | |||||
Owners of the Company | (85) | (9,737) | (1,043) | (1,161) | |
Non-controlling interests | 915 | (610) | 229 | (157) | |
Profit/(Loss) for the period | 830 | (10,347) | (814) | (1,318) | |
Dividend | - | - | - | - | |
Loss per share for loss attributable to owners of the Company during the period |
US cents |
US cents |
US cents |
US cents | |
- Basic | (0.03) | (4.00) | (0.43) | (0.48) | |
- Diluted | N/A | N/A | N/A | N/A | |
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