Writeoffs force CLL deeper into the red

CLR Investment Fund Public Ltd. reported another disappointing performance during the first half of 2005 due to debtor writeoffs and additional revaluation losses.

A sharp increase in dividend income during the period to CYP 947.212 was offset by a CYP 860.889 write-off in debtor and loans to clients impairment in value, while a CYP 1.11 mln revaluation loss on investments available for sale, forced operating losses to shoot to CYP 1.2 mln from CYP 309.000 losses a year ago in the same period.

Despite a successful attempt to contain costs, the overall results remained in the red, with CLL reporting net losses of CYP 1.257.494 for the first half of 2005 compared to CYP 404.105 losses in H104.

For the whole of 2004, CLL lost CYP 14 mln. Losses per share jumped from 0.14 to 0.44 cent per share.

CLL has total assets amounting to CYP 54.78 mln, spread among investments in associated companies CYP 929.325, investment available for sale CYP 16.2 mln, investment loans CYP 10.6 mln, commercial investments CYP 8.3 mln, debtors and loans to clients CYP 18.6 mln and negligible cash balances totaling CYP 33.269.

The investment group owes CYP 9.44 mln in loans while the accumulated losses since it commenced operations now total CYP 100.26 mln, which after deducting from the original capital of CYP 144.07 mln, means the net shareholders worth is only CYP 43.8 mln.

Based on the shares in circulation, the net book value is 15 cent per share while the CLL shares trade at 3.6 cent on the CSE.