Business
Interim Results for Six Months Ended 31 Dec 2019
Interim Results for Six Months Ended 31 Dec 2019.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \n \n RNS Number : 1126F\n Mineral & Financial Invest. Limited\n 05 March 2020\n \n \n \n \n Mineral & Financial Investments Limited\n \n \n Interim Results (unaudited) for the Six Months Ended 31 December 2019\n \n \n \n \n \n HIGHLIGHTS:\n \n \n · \n \n Unaudited net earnings for the first 6 months of the fiscal 2020 period were £247K or 0.7p per share\n \n \n \n · \n \n NAV per share at Dec 31, 2019 up 22.2% vs. same period last year, to 15.19p\n \n \n \n · \n \n The 3 Year Compound Annual Growth rate of the NAV per share is 34.4%\n \n \n \n · \n \n Strong Improvement in Pound Sterling neutralized most NAV gains vs Q1 achieved in the period\n \n \n \n · \n \n The Company is debt free, with a good cash balance and a strong Working Capital position\n \n \n \n · \n \n Post period end publication of the Preliminary Economic Assessment of Lagoa Salgada indicates a Pre-tax NPV@8%of US$137m (details below)\n \n \n \n \n \n \n \n GEORGE TOWN CAYMAN ISLANDS, March 5, 2020 -\n \n Mineral and Financial Investments Limited (LSE-AIM: MAFL) \n (\"M&FI\" or the \"Company\")\n is very pleased to announce its unaudited interim results for the six months ended 31 December 2019. \n \n \n \n \n \n Chairman's Statement:\n \n \n The Company generated a profit after-tax of £247K and a fully diluted EPS gain of 0.71p per share compared to a profit after-tax of £722K and a fully diluted EPS gain of 2.0p per share in the same period last year. The NAV per share increased 22.2% from 31st December 2018 to 15.19p or £5,361K, a new high for M&FI. \n \n \n The Company retains a cash position of £364K. This continued NAV growth was in spite of market headwinds in the areas in which we invest, particularly from the weak zinc prices and the strengthening of the British pound. The British pound appreciated markedly during the quarter (+7.3% against the US dollar and 5.6% against the Canadian dollar), which we believe was in part due to Brexit negotiations and in part due to the Conservative Party's strong majority achieved in the December 2019 election in the UK. As we report in GBP, but invest mostly in USD, this has had a negative effect on our results. We also believe our investment in Ascendant Resources Inc. (\"Ascendant\") is adversely affected by the weak performance of Zinc prices. Although recentl...