13th Nov 2013 14:26
LONDON (Alliance News) - Bezant Resources PLC Wednesday said its full-year losses narrowed after a decline in administrative expenses.
Bezant said it made a GBP1.4 million pretax loss for the year ended June 30, compared with GBP1.8 million last year, after administrative expenses fell to GBP1.3 million from GBP1.7 million. The loss included all of Bezant's expenditure including corporate costs and the cost of its ongoing activities in Argentina and the Philippines.
"It is important to note that the year's results do not reflect the approximate GBP1.6 million additional non-refundable option payment received from Gold Fields. The appropriate accounting treatment is to capitalise this amount as a deposit/deferred income on the balance sheet until such time as the option is exercised or lapses when it will then be recognised in the income statement," Evan Kirby, non-executive chairman, said in a statement.
"In the event that the Option over the Mankayan project is exercised, it remains the board's intention to distribute a significant proportion of the sale proceeds to shareholders," Kirby added.
Bezant shares were Wednesday quoted at 18.25 pence, up 1.4%.
By Samuel Agini; [email protected]; @samuelagini
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Bezant Res