31st Mar 2015 12:53
LONDON (Alliance News) - IronRidge Resources Ltd Tuesday posted a narrowed pretax loss for the first half of its financial year due to lower administration and consulting expenses, in its first results since it listed on AIM last month.
IronRidge is an exploration and development company with projects in West Gabon, Africa. It raised GBP9.7 million in its initial public offering which it plans to allocate to a 15,000 metre planned drilling programme on its exploration projects in Gabon, as well as working capital.
IronRidge posted a pretax loss of AUD417,572, narrowed from a pretax loss of AUD940,025 a year before, as revenue - which amounts to interest it received from cash deposits held with financial institutions- fell to AUD471 from AUD1,836, and administration and consulting costs fell to AUD401,040 from AUD920,815.
It did not detail why the administration and consulting cost had fallen.
Shares in the company are untraded Tuesday.It last closed at 5.55 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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