Business
Interim Results for Six Months Ended 31 Dec 2020
Interim Results for Six Months Ended 31 Dec 2020.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n \n \n \n RNS Number : 0338U\n Mineral & Financial Invest. Limited\n 31 March 2021\n \n \n \n \n Mineral & Financial Investments Limited\n \n \n Interim Results (unaudited) for the Six Months Ended 31 December 2020\n \n \n \n \n \n HIGHLIGHTS:\n \n \n · \n \n Unaudited fully diluted net earnings for the first 6 months of the fiscal 2021 period were 0.6p per share, compared to 0.7p for the same period last year.\n \n \n \n · \n \n NAV per share at 31 Dec 2020 up 6.0% vs. same period last year, to 16.1p\n \n \n \n · \n \n The 5 Year Compound Annual Growth Rate (CAGR) of the NAV per share is 26.7%\n \n \n \n · \n \n M&FI has outperformed the FTSE 350 Mining Index and GSCI during the past 5 years\n \n \n \n · \n \n Strong Improvement in Sterling neutralized £435K of NAV gains in the period\n \n \n \n · \n \n Company is debt free, with a good cash balance and a strong Working Capital position\n \n \n \n \n GEORGE TOWN, CAYMAN ISLANDS, March 31, 2021 -\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 2020. \n \n \n CHIEF EXECUTIVE OFFICER'S STATEMENT:\n \n \n The Company generated a profit after-tax of £207K and a fully diluted EPS gain of 0.6p per share compared to a profit after-tax of £247K and a fully diluted EPS gain of 0.7p per share for the same period last year. The NAV per share increased 6.0% from 31 December 2019 to 16.1p or £5,681K, a new high for M&FI. \n \n \n The Company has increased its cash position to £578,000. The NAV growth was negatively affected by a corrective phase in precious metal prices and continued strength of the GBP versus the USD in the period. Although we reduced our precious metals weightings in the Tactical Portfolio, we did retain certain holdings which corrected along with the price of gold and silver. Additionally, the British Pound was up 10.1% versus the US Dollar in the past six months, since our most recent year end (30 June 2020). Virtually all of our investments are directly, or indirectly, valued in US dollars and we report in British Pounds, thus the strong performance of the British Pound has caused significant headwinds to our NAV performance. Had the GBP remained unchanged from 30 September 30...