24th Mar 2016 11:37
LONDON (Alliance News) - IronRidge Resources Ltd on Thursday posted a wider pretax loss for the first half of its financial year due to higher administration and consulting expenses, as it said it made progress with its exploration activities in Gabon, West Africa and in Australia.
IronRidge is an exploration and development company which listed on AIM in February 2014.
The company posted a pretax loss of AUD648,702 in the six months to December 31, widened from AUD401,040 the same period a year earlier, as revenue, which amounts to interest it received from cash deposits held with financial institutions, rose to AUD624.00 from AUD471.00, and administration and consulting costs rose to AUD641,264 from AUD401,040.
IronRidge said it continued its exploration activities in the period but didn't detail why its administration and consulting cost was up.
Shares in IronRidge were up 16% at 4.63 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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