LEM:ISE ended April 2009 with a profit of 34'227 (19'615) $L before dividend payment. NAV rose to 2.04 (1.76) $L/share. The dividend is set to be 0.015 (0.015) $L/share and was distributed just before
We close the books 3 day earlier than usual due to RL circumstances of the owner. April was another of those stable months.
The shares DDE:ISE and RDX:ISE which are major holdings in our portfolio didn't stop to rise. The same can be said about ITA:VSTEX which regained some momentum. As a consequence the value of our assets climbed to 2.04 $L per share from 1.76 $L the month before.
We don't want to comment those values. However, we believe that those shares are overvalued considering the information which is available.
Unfortunately the currency exchanges didn't stop to slow down during April. We had again a drop of 30% of our earnings. Part of this drop is related to the short period we did the evaluation in April. We also lost some days were we run the wrong strategy. The days were return on investments of 4% per month were possible are lying far behind. Considering the efforts you have to put into the trade we slowly reach a boundary where this currency trading will no longer be interesting as an investment instrument.
We started again to do consulting work for SL avatars to support them to find a way in - through - out of this virtual financial maze...lol...
The dividend we left at 0.015 $L which let the pay-out-ratio climb to 66%. As there are no concrete investment projects in view we think this is the best way to use the company profit right now. The remaining rest of the profit will be reinvested.
The balance sheet and PL-sheet is given below
Our outlook for May is again mediocre. We cannot guarantee the level of income as it continues to depend partly on the future of currency exchanges in SL and the outcome of different investment projects which are in elaboration.
Don’t hesitate to ask questions. You can reach me per IM, in the forum or directly over my email : casper.trebuchet@gmail.com
Greetz
Casper Trebuchet
CEO, LEM:ISE
