- Fund management company Adamas Finance Asia reported narrower losses as net assets were boosted by new investment.

For the year ended 31 December 2019, pre-tax losses narrowed to $2.8m from $3.5m on-year as net portfolio income was $2.2m compared with a loss of $725K.

Portfolio income increased by over 500% year-on-year to US$2.2m (GBP1.7m) due to the 'continued repositioning of the portfolio, a trend that is expected to continue in 2020 as new investments are made and where we expect to monetise some of our older investments.

Finance income from loans rose to $1.3m from $148K.

Net asset value increased by 8% year-on-year driven mostly by a 'new investment which was acquired in exchange for the issue of the company's shares,' the company said.

'In 2020, we anticipate that income from our portfolio will continue to increase bringing us nearer to commencing dividend payments to our shareholders,' it added.

At 8:57am: [LON:ADAM] Adamas Finance Asia Ltd share price was +6p at 25.5p

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