News Column

Pires Investments Swings To First-Half Profit On Valuation Gains

July 30, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Pires Investments PLC Wednesday said it swung to a profit in the first-half of its financial year, as it benefited from valuation gains on its investments and was supported by lower operating expenses.

Pires Investments, which invests in the resources and energy sectors, posted a profit of GBP22,500 for the six months to April 30, which it said was as a result of a net positive performance from its investments. In the same period a year earlier, Pires reported a pretax loss of GBP195,034.

The company's profit was boosted by revaluation gains of GBP139,269 compared with GBP53,081 a year earlier.

Pires became an investing company following a voluntary arrangement, and made its first investment earlier this year when it invested in newly-listed Rame Energy PLC, a UK-based specialist energy producer with a strong presence in Latin America.

"The company has disposed of the greater part of the quoted portfolio acquired last year but now holds a number of longer term investments in accordance with its investing policy. One of these has made a significant contribution to our results for the period and we continue to review opportunities to deploy our cash resources profitably," the company said in a statement.

During the six month period, Pires reported revenue of GBP6,000, higher than the GBP2,343 it reported a year earlier.

Pires shares were trading 5.3% higher Wednesday early afternoon at 0.0500 pence per share.

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Source: Alliance News

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