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Gunsynd outlook 'promising' despite swinging from profit to loss
Gunsynd's half year results were released on Friday, showing that the company swung to an interim loss and failed to make a sales profit.
The natural resources investor registered a £131,000 loss before tax during the first half of its 2018 financial year, compared to a £342,000 profit over the same period the previous year.
Gunsynd's profits on available for sale assets swung from a profit of £487,000 to a loss of £25,000 over the same time period.
The firm holds a net cash balance of £449,000, up 89% from January 2017.
The company has a number of investments in Oyster Oil and Gas, United Oil and Gas(UOG), Brazil Tungsten Holdings (BTHL), Horse Hill Developments, Sunshine Minerals, Human Brands, Alba Mineral Resources, Zenith Energy and Fastbase Inc.
Hamish Harris, chairman of Gunsynd, said: "With BTHL having turned a corner, UOG share price performing very strongly since listing and a number of other investments looking to list in London in the near future, we believe the outlook is promising. Human Brands in particular we believe could generate substantial returns for shareholders."
BTHL owns a 25 year lease on the Bodo tungsten mine project in Rio Grande do Norte in Brazil which has consistently achieved a break-even production of 14 tonnes per month from October, and has been approached by various companies wishing to enter into an off-take agreement.
UOG has acquired two licences, one onshore UK and one onshore in Italy, and is listed on the main market of the London Stock Exchange where it may soon be joined by Oyster Oil and Gas which seeks to become listed on the London AIM market in the first half of 2018.
Human Brands is a US company that produces and distributes spirits, wine and beer in the USA and Asia which Gunsynd has invested £130,000 in by the way of a convertible loan note.
As of 1707 GMT, Gunsynd's shares were unchanged at 0.05p.