30th Sep 2015 17:29
LONDON (Alliance News) - Mercom Oil Sands PLC Wednesday said its pretax loss narrowed in the last financial year after it cut its administrative costs.
The company reported a GBP472,623 pretax loss in the year ended March 31, narrowing from the GBP694,078 loss made a year earlier. The company does not generate any revenue and the loss narrowed on the back of its administrative costs more than halving.
During the year, shareholders approved Mercom's new strategy to invest in natural resources and energy sectors, with a focus on oil and gas. Since then it has invested in Lion Natural Resources Ltd, NWT Coal Ltd and in Maverick Petroleum Ltd.
"Despite the challenging environment in the resources sector, the Directors continue to believe there are opportunities to create value for shareholders," it said.
Mercom shares closed down 6.2% to 3.40 pence per share on Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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