5th Sep 2013 07:20
LONDON (Alliance News) - Cluff Natural Resources PLC Thursday said it made a pretax loss of GBP853,156 in its first half as it develops exploratory assets since being admitted to AIM on May 11.
The underground coal gasification company with operations in the UK said it had widened its pretax profit for the six months to June 30 compared to the period from February 21, 2012, when it started operations, to December 31, 2012, when it made a loss of GBP821,730.
The company said it had been awarded five UK deep underground coal gasification licenses across the UK totalling 30,8881 hectares during the period. The costs of developing these sites and administrative expenses contributed to the company losses.
Cluff also said it used GBP796,027 on operations during the period, and its net cash for operations at June 30 was GBP1.8 million.
By Tom McIvor; [email protected]; @TomMcIvor1
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