10th Mar 2015 09:42
LONDON (Alliance News) - Greatland Gold PLC Tuesday reported a slightly wider pretax loss in the first half of its financial year after its administrative expenses increased.
The Australia-focused exploration and development company reported a pretax loss of GBP242,282 for the first half ended December 31, compared to a GBP230,964 loss in the first half of 2013. The bigger loss was caused by administrative expenses rising to GBP146,064 in the period from GBP125,793, partially offset by slightly lower exploration costs.
The company does not currently generate any revenue, and reported a cash balance of GBP721,067 at the end of December.
"Although the price of gold continued to struggle throughout the first half of the financial year, the current view is more positive. Amid a turbulent outlook for the global economy, demand for gold is likely to be maintained, allowing the price to regain some stability," said Chief Executive Callum Baxter.
Greatland shares were down 3.0% to 0.160 pence per share on Tuesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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