Terra Catalyst Fund reports losses in first half

Terra Catalyst Fund reported losses Thursday in its half-yearly report, blamed on a poor macroeconomic environment.

The investment management group unveiled £592,607 in total comprehensive loss in its income statement for the six months ended September 30th. However the stock was up in afternoon trade as this compared its losses of £10.28m during the same period the previous year.

Loss per ordinary shares rose to 0.01p from 0.11p reported the comparative period the year before.

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The net asset value of the per share decreased, however, over the six months since March 31st by 0.9% after adjusting for the 2.0p distribution to shareholres for the period.

"The macroeconomic environment has not been suited to the smaller capitalisation stocks which are more likely to have portfolios of property that include some more secondary assets and often in geographies and/or sub-markets that are considered non-core by mainstream investors," the company said in a statement.

The firm said it would make no new investments apart from those required to protect the interests of the company.

Shares climbed 4% to 52.00p at 16:23 Thursday.

RD