Directors at investment firm waive fees
Palmaris Capital has reduced its losses by more than 30 per cent to £115, 245.
The Coatbridge firm has only one investment which is a 16.1 per cent holding in mining and energy company Scottish Resources Group.
The directors of Palmaris decided to waive fees for the running of the business during 2011 to protect cash reserves.
That move was responsible for £45,000 of savings in the 12 months to June 30, 2011.
Palmaris said SRG's turnover and profits had dipped in the 12 months to March 2011.
Revenue at the coal mining firm dipped from £229.9m to £209.2m with after tax profits dropping from £21.2m to £300,000 partly due to a £4.2m bill for an abandoned initial public offering.
Sir Timothy Noble, chairman, said: "The SRG results to March 2011 were disappointing but new coal contracts appear to have largely redressed the position in the current year.
"If there is a sale of SRG, we would hope to realise significantly more than the value at which we are carrying it in the books."