25th Aug 2023 10:46
(Alliance News) - Mast Energy Developments PLC on Friday said its interim loss widened on higher costs, while revenue fell.
In the six months ended June 30, pretax loss for the London-based reserve power generation plant operator widened to GBP773,750 from GBP681,614 a year prior.
Mast Energy cited a 54% increase in administrative expenses to GBP472,611 due to "increased professional, legal, management and consulting services", as well as a 34% decrease in project expenditure to GBP224,667.
Revenue fell by 35% to GBP198,438 from GBP305,384 the year before.
Mast Energy did not declare an interim dividend, unchanged from a year prior.
Looking ahead, the firm expects to raise funds to support its "ongoing development and commercialisation of activities."
Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK, noted its subsidiary Mast Energy's results.
Shares in Mast Energy fell 0.7% to 1.40 pence each in London on Friday morning, while Kibo shares were up 2.3% at 0.059 pence each.
By Sabrina Penty, Alliance News reporter
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