LONDON (ShareCast) - Asset based lender Davenham tumbled Tuesday after reporting a massive half year lost of £55.4m versus a £12.7m profit in 2008, and plunge in net asset value to £10.9m from £58.2m.

The firm, which has struggled during the property slump, took an impairment charge of £49.2m, of which about 84% is linked to the impairment of the property portfolio. 'We do not see a significant uplift in the economic environment currently and we will continue to focus on collecting-out our property book,’ said boss David Coates.

Desire Petroleum has narrowed interim losses and remains on track to drill its first well in the North Falkland Basin campaign next February. The firm, which halved losses to $265,000 from $513,000, also wants to raise more money ‘shortly’ to enable it to drill more wells.

First half revenue slipped to €5.3m from €8.9m at carbon credit specialist Camco International. A net loss after tax of €18.3m included a write-down of €11.7m linked to goodwill arising on the acquisition of ESD Partners in April 2007.

‘Our Advisory business performed below expectations in an extremely testing environment and we are reviewing options to improve the performance of this business unit during the second half of the year,’ said CEO Jeff Kenna.

PowerFilm, a maker of thin flexible solar panels, tumbled to a half-year net loss of $1.24m from a $52,000 profit in 2008 on revenue down to $2.98m from $3.87m.

‘The results are unacceptable and do not reflect the tremendous business potential of our technology and products,’ said co-founder and chief executive Frank Jeffrey. ‘We are deploying our strong balance sheet carefully to realize improved financial results for both the short term and intermediate term.’

Central China Goldfields is looking for undervalued and underdeveloped projects following the recent sale of its stake in the potentially world class copper discovery at Nimu. The company, which lost £228,493 in the first half of 2009, said it will be assessing various new opportunities over the next six months.

Diamond miner Pangea incurred am interim loss to June of $8.97m compared to $11.1m last time. The reduction in loss is in line with Pangea's strategy of reducing expenditure as much as possible, it said. Diamond revenues of $0.9m were lower than last year as a result of reduced production from the Cassanguidi Project due to the ongoing construction activities of the expansion project.

Marketing group Upstream saw revenue for the six months to fall to $2.1m from $2.9m. Year-on-year revenue is down 28%, in part due to post Olympics revenue drops in China, and to the fact that the company ceased receiving fees from the news distribution business disposed of in May, it said, The net loss before tax for the period is $0.4m.

Serica Energy has experienced problems with the gas turbines at its power station at Belawan and has requested that Kambuna production be temporarily suspended while it undertakes the required maintenance. The gas sales contract provides that future sales may be made at higher rates than contracted, in order to make up for any production lost while this maintenance is completed.

Valiant Petroleum has placed 12.55m new shares at 530p per share to raise £66.5m gross. The placing shares being issued represent an increase of approximately 47.8% in Valiant's existing issued ordinary share capital.

Serviced Office's total revenues for the six months ended 30 June 2009 fell 8% to £3.3m with operating profit of £214,000 (2008: £510,000) a decrease of 58% The loss before tax was unchanged at £207,000. The number of workstations in the period increased by 1,197 to 3,110 but the first quarter of the year was one of the most challenging periods the industry has experienced, with pressure on both occupancy levels and workstation rates, the firm said.

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