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Interim Results

Adams losses widen

18 September 2015 09:37

Adamas Finance Asia posts a pre-tax loss of $1.3m for the six months to the end of June - up from $632,000 a year ago.

The consolidated loss for the period of US$1.34m resulted from administrative expenses of US$1.17 million (H1 2014 US$1.98 million), a net write down of the portfolio of US$0.45 million, reflecting some minor changes in the independent valuation of a number of portfolio assets, details of which are provided later in this report, offset by income generated from the portfolio of US$0.28 million.

The consolidated net asset value at 30 June was US$117.5m (31 December 2014: US$118.9m). The consolidated loss per share was US¢0.70 (H1 2014: US¢0.50).

Chairman John Croft said: "The six month period to June 2015 was one of steady progress for the company. Whilst no new investments were made during the period, steps have been taken where feasible to assist portfolio companies with the objective of exiting our current holdings.

"The amendment to the investing policy approved by shareholders in April enables the company to invest in funds as well as individual assets, facilitating access to investment opportunities in funds with successful track records of income generation. We anticipate announcing investments in line with this policy in the second half of the year."

At 9:37am: (LON:ADAM) Adamas Finance Asia Limited Ord Npv share price was 0p at 0.67p

Story provided by StockMarketWire.com

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