Widespread Portfolios Ltd has reported a $336,000 loss for the year to March 31, compared to a $6.66 million loss in the same period last year.The loss is after tax and including losses on the share trading portfolio and other non-cash provisions.Disregar
Widespread Portfolios Ltd has reported a $336,000 loss for the year to March 31, compared to a $6.66 million loss in the same period last year.
The loss is after tax and including losses on the share trading portfolio and other non-cash provisions.
Disregarding unrealised losses and non-cash provisions, the company reported a pre-tax loss of $269,000 compared to a loss of $776,000 last year. No dividend was declared.
The company said it also made a small loss at the pre-tax level in the first two months of the new financial year. It said its net asset backing per share has risen by 50 percent and it outlined progress on various investment prospects.
"However, apart from our associate company, Widespread Energy, which had quite an active year that saw its market capitalisation double, most of our portfolio was in a walking-wounded state," the company said in a statement to NZX.
"While all remained viable going concerns, Asian Minerals, Glass Earth, King Solomon Mines and Golden Phoenix all by necessity curtailed their activity levels to a varying extent."
The company said Rockpoint Corporate Finance has undertaken a preliminary feasibility study of the Chatham Rise phosphate resource contained within Mineral Prospecting Licence 50270 recently granted to the Widespread Energy Widespread Portfolios joint venture.
This preliminary study confirms that commercial development of the resource is a realistic possibility but further scientific studies are required to satisfactorily establish the extent and distribution of the resource.
