Livermore Investments Group Limited, an investment company incorporated under the law of the British Virgin Islands and having its administration centre in Cyprus, announced its unaudited interim results for the six months period ended 30 June 2009.
According to the report, at the end of this period the net asset value of Livermore Investments was approximately USD 154.4mln. The net loss after tax was USD 21.5mln, representing a loss per share of USD 0.07 – mainly attributable to non-cash items. The reported net asset value per share was USD 0.53, compared to USD 0.97 in the same period last year, and USD 0.63 in the previous period ended December 2008. Administrative expenses during the period ended June 30 2009 were USD 1.6mln, representing 1 per cent of net asset value.
Net cash, cash equivalents and marketable securities made USD 28.7mln as of 30 June 2009 – compared to USD 42.5mln in June 2008 and USD 23.5mln in December 2008. Revenues from operations were USD 5.1mln (USD 11.9mln in the same period last year and USD 17.5mln in the period ended December 2008).
As of 23 September 2009, the unaudited estimated net asset value per share increased to USD 0.56 and net cash, cash equivalents and marketable securities increased by USD 5mln to USD 33.7mln.
CEO of the investment company Noam Lanir commented on the published results saying that overall losses became the result of challenging economic environment on company’s investments in Eastern Europe. He said however that the improved trading environment relating to most of other investments of the company reflected the good performance of the financial portfolio in July and August 2009.