8th Nov 2013 10:20
LONDON (Alliance News) - Anglo Pacific Group PLC Friday said royalty income fell 36% in the third quarter as lower commodity prices hit investments.
The commodity-focused investment company said royalty income fell to GBP3.2 million for the three months ended September 30, from GBP5.0 million the previous year.
The company said revenues were driven by positive results at the company's 50%-owned Kestrel mine in Australia, which is operated by Rio Tinto Coal Australia and BM Alliance Coal Operations Pty Ltd, but falling commodity prices led to an overall drop in royalty income.
Anglo pacific said that its cash and cash equivalents at September 30 equalled GBP13.0 million, down from GBP16.4 million at June 30.
The company also issued 1.3 million new shares in the company for total proceeds of GBP2.5 million during the three month period.
Anglo Pacific shares were down 3.6% to 212.50 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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