Investment company City Of London Group (LON:CIN) saw shares sink over 3 percent on Tuesday, after the company disclosed yet another loss for the period.
In its results for the six month period ended 30 September 2017, the group recorded a loss before tax of £0.2 million, an improvement on the loss of £0.7 million the half-year previously.
Operating profit before shareholder charges came in at £185,000, standing at £23,000 before costs. The group raised £3 million through the issuance of shares during the period, and it increased its ‘own book’ portfolio from £13.8 million to £14.1 million.
Michael Goldstein, Chief Executive Officer, said the company had “continued to progress” over the period, adding:
“We are in the process of establishing our new business line in property bridging funding under the existing CAML business and our re-launch of the Milton Holmes equity release business may be achieved more quickly than originally envisaged. Overall, the future is looking bright with a strong leadership team in place to deliver on all our strategic objectives.”
Shares in the City Of London Group are currently trading down 3.07 percent at 103.72 (1111GMT).
