24th Sep 2013 10:50
LONDON (Alliance News) - Alexander Mining PLC Tuesday reported a narrowed first-half pretax loss as administrative and research expenses fell.
The mining and mineral processing technology company said its pretax loss narrowed to GBP728,000 from GBP904,000 for the six months ended June 30 as administrative expenses fell to GBP542,000 from GBP655,000 and its research and development expenses fell to GBP208,000 from GBP291,000.
The company is still in a development stage and revenues were just GBP6,000, down from GBP23,000 the previous year.
As a result of the commodities price downturn, the company believes demand for its products will increase as mining companies buy cost-cutting technologies to improve their balance sheet.
Alexander Mining shares were down 5.25% to 3.79 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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