2nd Jun 2015 10:57
LONDON (Alliance News) - Amedeo Resources PLC Tuesday said its pretax loss narrowed in the last financial period after it made a smaller foreign exchange loss, and it is confident of building a range of holdings in the energy sector despite the slowdown in commodity markets.
The natural resources and infrastructure investment company reported a USD1.4 million pretax loss for the eleven months ended December 31, narrower than the GBP2.3 million loss made in the year ended January 31, 2014.
Between the two periods, Amedeo's administrative costs rose to GBP827,000 from GBP699,000, but its foreign currency loss fell to GBP197,000 from GBP704,000. It share of losses from associates also fell to GBP922,000 from GBP1.0 million.
The company generates little in revenue, which currently all comes from providing various business development and marketing services to MGR Resources PTE Ltd. In the eleven month period, revenue totalled GBP91,000, which was down from GBP128,000.
"Despite the slowdown (in commodities), Amedeo continues to make progress in achieving its vision of building a range of holdings in the resource and energy and related infrastructure and asset sectors and pro actively assisting its holdings," it said in a statement.
Amedeo shares were down 11.8% to 0.300 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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