StockMarketWire.com - Asia-focused investor Adamas Finance Asia posted a first-half loss, owing to falling revenue and a credit loss provision.

Pre-tax losses for the six months through June amounted to $0.70m, compared to losses of $0.16m on-year. Revenue fell 4.8% to $1.19m.

Adamas said the loss included an expected credit loss provision in relation to its investment in FLM, and finance expense related to interest payable on a corporate bond.

'The company's portfolio has remained resilient in the face of the headwinds created by Covid-19, with the underlying valuations being mostly unaffected,' chairman John Croft said.

'Nevertheless, as with most businesses globally, many of the companies that represent our investment portfolio have in some way been affected in the first half of 2020 by Covid-19 either by lower than expected income or delays resulting from lockdown situations in different countries.'

'Our companies have reacted to protect their businesses by lowering costs and taking measures to diversify revenue sources where possible.'

' Notwithstanding these initiatives, we have observed that the overall impact of the pandemic in Asia applied across almost all countries and all sectors.'

'Our current expectation is that as the effects of the pandemic recede across the region towards the end of 2020 and into 2021, the underlying investments in our portfolio will in turn experience improved operating conditions.'


At 1:50pm: [LON:ADAM] Adamas Finance Asia Ltd share price was -2p at 26.5p



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