5th Sep 2018 12:24
LONDON (Alliance News) - 88 Energy Ltd said Wednesday its loss for the first half of 2018 narrowed from a year before as it kept focus on its principal activities in Alaska.
For the six months to June 30, the Alaska-focused oil & gas company posted a pretax loss of USD3.2 million, improved from USD6.0 million a year prior.
"The loss was largely attributable to general and administrative costs, finance costs and employee benefits expense, offset by the impact of exchange differences on translation of foreign operations," the company explained.
During the period, the company generated revenue of USD552,980, up from USD61,679 a year ago.
88 Energy did not propose a dividend for the six-month period, unchanged from last year.
88 Energy shares were trading down 4.2% at 1.15 pence each.
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