20th Mar 2023 09:48
(Alliance News) - Corcel PLC on Monday reported a slightly larger loss in the six months that ended December 31, as it looks to restructure its asset portfolio.
Corcel is a London-based mining and mineral resource development company with interests in flexible energy storage and production.
It said interim pretax loss widened to GBP700,000 from GBP614,000. It had no revenue in either half-year.
Finance costs increased to GBP431,000 from GBP105,000. Offsetting this, Corcel posted a GBP353,000 gain on sale of joint venture projects, compared to none a year ago.
Looking ahead, Corcel said it has the potential to make acquisitions in the oil and gas sector that would benefit the company.
It also plans to restructure its Papua New Guinea nickel assets by repositioning them within a broader portfolio. Corcel explained that the nickel assets are ready for a standalone listing, which the company expects to have a highly attractive valuation.
Corcel shares were up 3.2% at 0.29 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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