29th Sep 2014 13:23
LONDON (Alliance News) - African Eagle Resources PLC Monday posted a significantly narrowed pretax loss for the recent half year as the company switched from reporting results as a group of companies to just reporting as an investing company.
African Eagle's loss for the six months to June 30 was GBP216,359. That compares to a GBP3 million loss the year before as a group of companies.
The numbers for this half-year were impacted by a foreign exchange loss for the company of GBP27,552, compared to a GBP67,612 gain last year. The company's fair value for its two main assets, Elephant Copper Ltd and its Tanzanian assets, are denominated in US dollars. As the company reports in sterling, the strength of sterling in the first half resulted in the translation loss.
Shares in the AIM-listed company were suspended on August 11 as the company had not implemented its investing policy within a year of becoming an investing company. The company said it expects this to be lifted in due course.
Shares in the company were quoted at 0.275 pence prior to the suspension.
By Sam Unsted; [email protected]; @SamUAtAlliance
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