5th Sep 2018 14:12
LONDON (Alliance News) - Galileo Resources PLC on Wednesday said its loss narrowed in its most recent financial year due to a reduction in expenses and a profit from investments.
In its financial year ended March 31, the mining exploration and development company's pretax loss shrank to GBP1.0 million from GBP1.4 million.
Operating expenses dropped 28% to GBP624,631 from GBP871,776 and Galileo swung to a GBP123,430 profit from a GBP48,443 loss from equity accounted investments.
The company made no loss from disposals, compared to a GBP469,259 loss on non-current asset disposal the prior year. However, it did incur a GBP525,870 loss on impairment while none was recorded the year before.
Galileo is still in its exploratory phase and as such recorded no revenue for the period. During the period, it acquired an interest in the Namibian Star Zinc project from BMR Group PLC.
"The year under review has been positive and the acquisition of 85% of the Star Zinc project in Zambia from BMR Group has been a major step forward in an important commodity...Galileo commenced drilling during September 2017 and completed a 26-hole drill programme during March 2018," said Galileo Chair Colin Bird.
"The outlook for all base metals has improved significantly during the period of this annual report and we are particularly pleased with the performance of the zinc price. We will actively pursue other zinc and copper opportunities, which have become quite a competitive space in which to seek new investment," Bird added.
Shares in Galileo Resources were untraded at 1.16 pence on Wednesday.
Related Shares:
Galileo Resourc