24th Jan 2014 10:29
LONDON (Alliance News) - GCM Resources PLC Friday reported a narrowed loss for the first half of its financial year as it cut its administrative expenses by over half, and said it would now engage with the re-elected Bangladesh government to progress the approval process for its coal prospect in the country.
The resources exploration and development company reported a loss of GBP518,000 for the six months to end-December, from GBP2.2 million a year earlier. Administrative expenses fell to GBP242,000, from GBP564,000. The company doesn't yet make any revenues.
GCM's main project is the Phulbari coal project in Bangladhesh. It is awaiting approval from the country's government to proceed with the project.
In its statement its said its engagement with the local community was paying off, with support for the project growing.
"The Bangladesh national elections were held on the 5th January leading to a second term of office for the Awami League Government. The company looks forward to discussions on the project with the Bangladesh Government in the very near future," it said.
GCM's shares were down 0.8% at 16.5 pence Friday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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