20th Sep 2018 13:33
LONDON (Alliance News) - BlueRock Diamonds PLC on Thursday reported a widened loss in the first half despite multiplying its revenue.
In the six months ended June, BlueRock posted a pretax loss of GBP1.3 million, widened from GBP867,164 the year before.
The company's revenue increased to GBP555,842 from GBP150,551 the year before.
The rise in revenue stemmed from the 81% increase in year-on-year production to 73,028 tonnes from 40,343 tonnes.
The widened loss was primarily due to BlueRock's operating expenses increasing to GBP1.3 million in the first half from GBP901,660.
The company also made a foreign exchange loss of GBP503,240 in the period, up from GBP85,869 the year before.
The average value per carat in the half was USD340, down from USD362 the year before.
Looking ahead, the company said production in the second half has "started well", with daily production "now consistently at target levels".
Shares in BlueRock Diamonds were down 1.1% at 0.89 pence each.
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