29th Aug 2014 12:12
LONDON (Alliance News) - Minco PLC saw its shares rise Friday after it reported a narrowed net loss for both the second quarter and first half of the year and said its cash reserves increased.
In an earnings report light on figures and detail, the company said its net loss in the second quarter ending June 30 was USD216,000, compared with a loss of USD1.0 million for the same period in 2013. Its loss for the six month to end-June was USD487,000, narrowed from USD790,000 a year earlier.
Administrative expenses, excluding foreign exchange, for the six month period at June 30, 2014 amounted to USD535,000, compared with USD668,000 in 2013, it said.
Minco held USD7.9 million in cash and cash equivalents on June 30, and had a working capital surplus of USD7.5 million compared with USD9.8 million at end end of December. It "is adequately financed to meet its planned programs and business objectives," it added.
Minco invested USD1.9 million in exploration and development expenditures on its various properties, including USD575,000 on the Pennines, England, USD457,000 on Woodstock and USD840,000 on the Newfoundland properties, both based in Canada, during the six month period at June 30, 2014.
Minco PLC shares were down 2.9% at 1.70 pence Friday afternoon, having fallen in early trade.
By Joshua Warner; [email protected]; @JoshAlliance
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