5th Sep 2018 12:56
LONDON (Alliance News) - Coro Energy PLC said Wednesday it doubled its revenue after completing a business acquisition in Italy.
For the six months to June 30, the gas explorer posted revenue of EUR1.1 million up from EUR560,000 a year prior.
Despite the increase in revenue, the company's pretax loss for the half-year widened to EUR2.4 million from EUR916,000 a year before due to higher administrative expenses, which soared to EUR2.5 million from EUR952,000.
The company acquired Sound Energy Holdings Italy Ltd in May, following shareholders' approval "significantly enhancing the company's Italian portfolio". Coro operates in Italy and South East Asia.
Looking to the future, Chief Executive Officer James Menzies said: "With the first transaction now signed, we are continuing to build momentum, with a pipeline of accretive deals continuing to be developed."
Coro shares were trading down 0.6% at 4.15 pence each.
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