North Energy ASA (“North Energy” or “Company”) recorded a comprehensive loss of NOK 2.8 million in the first quarter of 2019, compared with a comprehensive loss of NOK 25.3 million in the same quarter last year. The result reported for this quarter consist mainly by net gain of NOK 1.9 million from the investment activities, offset by operational expenses of NOK 6.3 million.
North Energy’s total financial investment portfolio is per end of the first quarter NOK 277.1 million, measured at market value. The portfolio consists of industrial holdings, listed financial investments and other financial investments. The industrial holdings include the Company’s shares in Reach Subsea where North Energy is the major shareholder. The listed financial investments consist of, amongst other, shares in Touchstone Exploration.
The Company is financed with equity of NOK 347.1 million and, as of 31 March, North Energy had a cash position of NOK 65.7 million.
The interim financial report for the first quarter 2019 is available here.
In the stock exchange notice of 20 February 2019, the Company announced its intention to distribute an extraordinary dividend of NOK 0.3 per share. The dividend proposal is subject to approval by the Annual General Meeting on 28 May 2019. The proposal includes an option for shareholders to subscribe for new shares from dividends received. The extraordinary dividend is based on the audited interim balance sheet of North Energy ASA as per 31 March 2019. The audited interim balance sheet report for North Energy ASA is available here.