25th May 2018 10:15
LONDON (Alliance News) - Bellzone Mining PLC said Friday it narrowed its loss year-on-year as its operating costs fell on lower salaries.
The company reported loss from continuing operations of USD5.7 million narrowed from USD8.0 million year-on-year.
Operating costs, excluding amortisation, depreciation and gains on disposal of fixed assets, were USD5.1 million, 13% lower from USD5.9 million in 2016.
This reduction was due to bigger sacrifices in salaries, technical leave and stringent management of travel and legal costs, the company said.
Depreciation and amortisation expenses were USD603,000 in 2017, halved from USD1.2 million in 2016.
As the group is currently in a project-development stage it generated no revenue in the past financial year.
Bellzone Mining shares were untraded at 0.60 pence.
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