14th Sep 2018 12:23
LONDON (Alliance News) - Kibo Energy PLC, formerly Kibo Mining, said on Friday its interim loss narrowed significantly as administrative expenses fell.
For the first half of 2018, the Africa-focused energy company's pretax loss narrowed to GBP1.3 million from GBP2.4 million a year ago, as administrative costs fell to GBP924,829 from GBP1.7 million.
The company generated no revenue in the half, compared to GBP1,001 a year ago.
Kibo said it remains confident in the "commitment and support" of the Tanzanian Government for its Mbeya coal-to-power project.
Chairman Christian Schaffalitzky said the half-year had been "very active" for Kibo. During the period, the company expanded its portfolio and "solidified" its position in the African energy market.
"There is a significant and expanding opportunity in the African energy sector due to the acute shortage of power. We aim to participate in the solution and now have the Mbeya coal-to-power project in Tanzania, the Mabesekwa coal independent power project in Botswana and the Benga independent power project in Mozambique," said Schaffalitzky.
Shares in Kibo Energy were down 0.3% in London at 4.31 pence each, while in Johannesburg the stock was untraded at ZAR0.82.
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