12th Mar 2015 09:33
LONDON (Alliance News) - Berkeley Resources Ltd Thursday said its pretax loss narrowed in the first half of its financial year, due to reduced exploration expenditure and share based payments.
For the six months ended December 31, the uranium exploration and development company focused on its wholly-owned Salamanca project in Spain reported a pretax loss of USD4 million, compared with a USD4.2 million loss a year earlier.
Berkeley's revenue for the first half more than halved to USD314,580 from USD806,487, whilst corporate and administrative expenses experienced a small increase. However, these were offset by exploration and evaluation costs falling to USD3.6 million from USD4 million and share based payment expenses falling to USD186,616 from USD526,778.
All of Berekley's revenue comes from interest on it cash balance, which stood at USD16.2 million at the end of December, a reduction from the USD23.2 million balance held a year earlier.
Berkeley shares were untraded on Thursday, last trading at 11.25 pence per share.
By Joshua Warner; [email protected]; @JoshAlliance
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