31st Oct 2013 10:55
LONDON (Alliance News) - Altona Energy PLC, the AIM-listed coal miner trying to develop an Australian asset with Chinese partners, Thursday reported a narrower loss for its last financial year as it cut administration expenses.
The company isn't yet making any revenue and so its loss represents its administration expenses, net of tax gains and finance income. Its net loss in the year ended June 30 was GBP1.4 million, down from GBP1.9 million a year earlier.
In his report, Chairman Christopher Lambert called it a frustrating year as its plans were constantly delayed by decisions made by governments and its Chinese partners. In particular he singled out China National Offshore Oil Corporation for cristicism, but said the company was in talks to try and agree a transparent way forward for the Arckaringa coal-to-liquids project in South Australia.
"Our Arckaringa project remains a world class resource and management are continuing to work hard to build a company with our partners to give us a much greater opportunity to progress it," he said in a statement.
Altona Energy shares were down 8.9% at 1.23 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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