6th Jun 2016 17:40
LONDON (Alliance News) - Infinity Energy SA on Monday said its pretax loss widened in 2015, after loan interest charges doubled, operating expenses rose and its total net income came in lower.
The investment company posted a pretax loss of GBP186,692 for the year ended December 31, widened from the GBP157,545 it reported a year earlier, largely due to loan interest charges rising to GBP18,638 from GBP9,375 and total operating expenses increasing to GBP191,910 from GBP162,781.
Along with this total net income slipped slightly to GBP5,218 from GBP5,236.
The company said it had extended its GBP300,000 loan facility from its majority shareholder Gerwyn Llewellyn Williams on February 22, upping the loan facility to GBP400,000.
"Williams has confirmed that he will continue to provide loan funding to enable the company to discharge its liabilities as they fall due for a period of 12 months from the date of these financial statements," the company said in the statement.
Infinity Energy said it would consider the payment of dividends if and when the company has sufficient cash resources.
Shares in Infinity Energy were untraded on Monday, having last traded at 0.188 pence.
By Hannah Boland; [email protected]; @Hannaheboland
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