Lionsgold Interim Loss Narrows On Cost Cuts As Lifts Shareholdings

29th Mar 2018 13:59

LONDON (Alliance News) - Lionsgold Ltd on Thursday posted a narrowed interim loss, as it reduced costs and increased shareholdings across three divisions.

The gold-focused exploration company said its pretax loss for the six months to the end of 2017 was GBP380,000, narrowed from GBP453,000 loss reported a year earlier.

Lionsgold transformed its business size and capacity during the period, by increasing its operational input and ownership in India Gold, Fintech Gold and Finland Gold divisions. The company now holds 21%, 55% and 28% interest, respectively.

The group cut its administrative expenses to GBP174,000 from GBP238,000 the year before. It also spent GBP83,000 on salaries and wages, which was significantly less compared with GBP144,000 paid in 2016.

Cash balances at the end of the period stood at GBP1.2 million, up from GBP494,000 it had the prior year.

Lionsgold Chief Executive Officer Cameron Parry said: "Lionsgold has direct exposure to the Indian market via our mining interest and the global banking industry through the development of Goldbloc - the digital gold currency to be utilised in bank accounts. It is an exciting chapter Lionsgold is entering and we look forward to reporting on the company's many business opportunities and developments throughout the course of the year."

The stock was trading 0.1% lower at 2.47 pence per share on Thursday.

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