25th Sep 2013 09:30
LONDON (Alliance News) - Frontier Resources International PLC Wednesday said its pretax loss widened in its first-half as extra costs hit company finances.
The oil and gas exploration company, with operations in the Middle East and southern Africa, said its pretax losses widened to USD557,000 from USD307,000 for the six months ended June 30.
The company, which is yet to post any revenues, experienced a USD185,000 cost arising from listing to AIM on July 5 and its administrative costs increased to USD331,000 from USD270,000 during the period.
Frontier managed to raise USD2.7 million through a placing on admission to AIM and a further USD413,000 in fundraising during the period.
The company said it is not expecting any earnings arising from activities in the short-to-medium term.
Frontier shares were down 8.36% to 5.04 pence Wednesday
By Tom McIvor; [email protected]; @TomMcIvor1
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