23rd Oct 2013 11:44
LONDON (Alliance News) - Amedeo Resources PLC Wednesday said it swung to a pretax profit in its fiscal first half as it made its first sales and booked a strong foreign exchange gain.
The resource, infrastructure and asset investment company, which changed its name from Creon Resources October 17, posted a pretax profit of GBP245,000 for the six months ended July 31 compared with a pretax loss of GBP317,000 the previous year.
The company said it completed its first sales worth GBP1,000 during the period as a result of providing various services to Jiangsu Yangzijiang Offshore engineering PTE Limited's rig building yard in China.
A foreign exchange gain of GBP464,000 due to the fall in the value of the dollar against the pound made up the majority of its turnaround. Last year it made a foreign exchange loss of 74,000.
Amedeo Resources said its administrative costs fell 21% to GBP193,000 from GBP243,000 the previous year.
The company also said it made a GBP138,000 profit from its share in MGR Resources, a wholesale trader of ferrous metals and ore from Africa, India and the Middle East.
Amedeo Resources shares were down 1.1% at 0.485 pence Wednesday afternoon.
By Tom McIvor; [email protected]; @TomMcIvor1
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