14th Mar 2016 07:33
LONDON (Alliance News) - Coal of Africa Ltd Monday said its loss widened in the first half of its financial year after booking a substantial foreign exchange loss.
The coal exploration and development company said its pretax loss in the six months to the end of 2015 widened to USD15.0 million from the USD120,000 loss a year earlier thanks to a significant foreign exchange loss.
The foreign exchange loss in the six-month period amounted to USD9.4 million, swinging from a USD14.3 million gain a year earlier. That loss was partly offset by a reduction in other expenses to USD3.2 million compared to USD10.8 million a year ago, with other costs remaining broadly flat in the period.
Coal of Africa said the foreign exchange loss arose from the translation of inter-group loan balances, borrowings and cash due to changes in the exchange rates between the rand and the US dollar and the rate between the Australian dollar and the US dollar.
By Joshua Warner; [email protected]; @JoshAlliance
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