28th Nov 2013 14:12
LONDON (Alliance News) - Acorn Minerals PLC Thursday said its pretax loss narrowed significantly in its first half as it lowered costs.
The mining, minerals and energy-sector focused investment company said its pretax loss narrowed to GBP55,603 for the six months ended September 30 from GBP244,552 for the full year ended March 2013.
The company, which is yet to post any revenues, said that it lowered its administrative costs to GBP56,106 for the six months, from GBP101,546 for the full year ended March 2013.
Acorn also noted that its figures were skewed by exceptional costs of GBP143,421 in the year ended March 2013 due to its listing on the London Stock Exchange in October 2012.
The company said that it has now reviewed 18 projects, with two specifically being targeted for possible investment, and Acorn said it is working towards having one of these projects under review completed in the coming accounting period.
Acorn Minerals shares were untraded at 35.50 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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