Widespread Portfolios loss up nearly 50pc

Mineral exploration investment company Widespread Portfolios has posted a nearly 50 per cent increase in its full-year loss, blaming listing costs and its decision to hold on to appreciating assets for the result.

Widespread Portfolio's March year loss was $304,000 from $209,000 for the same period last year.

It said the result was down to two main factors including a decision by directors to hold on to assets "that are worth more than we paid for them".

"A number of our investments are worth substantially more than their acquisition cost but we continue to hold them [at the expense of reported profit] because we consider them to have further upside. This is a core philosophy of the company," the company said.

Widespread Portfolios also said its bottom line had been affected by $114,000 in residual costs from its NZSX listing last year.