Business
Interim Results for 6 Months Ended 30 June 2017
Interim Results for 6 Months Ended 30 June 2017.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \nRNS Number : 9309Q Mineral & Financial Invest. Limited 18 September 2017 \n\n18 September 2017\n \nMineral & Financial Investments Limited\n(\"MAFL\" or \"the Company\")\n \nUnaudited Interim Results for the Six Months Ended 30 June 2017\nMineral & Financial Investments Limited today announces its unaudited interim results for the six months ended 30 June 2017. \n \n· NAV Up 12.8% In First Half Of Fiscal 2017\n· Weak GBP Is A Net Positive For Mineral & Financial Investments\n· Drill Program Completed at Lagoa Salgada Investment; Awaiting Results From The Last 3 Holes\n· Independent Geological Consulting Group Retained To Update Resource Estimate\n· Updated Resource Estimated Expected Before Year End \n \nChairman's Statement\n \nThe Company realised a net loss of £101,000 during the six months to June 2017, as against a net profit of £209,000 recorded during the corresponding period in 2016. On a per share basis, there was a loss per share of 0.3p, as against earnings per share of 1.0p for the corresponding period a year ago. MAFL's NAV at the end of the period was 7.05 pence, up 12.8% from the end of the last financial year, when the NAV was 6.25 pence\nSince the Brexit vote of June 13, 2016 the GBP has declined 19% (vs. Euro). A weaker GBP devalues the UK's domestic products internationally and makes them more competitive in global markets. The UK's GDP slowdown in growth comes despite currency's decline. Conversely, a weaker GBP is potentially very positive for all companies with large proportions of their revenues, earnings or assets outside of the UK, as their foreign assets are worth more in GBP. Virtually all of our investments, excluding our £917,554 of cash and cash equivalents, operate outside the UK or are valued in non- GBP currencies.\n \nCommodity markets are predominantly valued in USD. The USD has, after the furious optimism caused by the election of a new US president, subsided. The USD has declined versus most global currencies in the past year: on a trade weighted basis vs. a basket of currencies it's now -9.7% over the past 12 months. This has resulted in the USD pricing of most commodities being pushed upwards during...