16th Apr 2014 08:56
LONDON (Alliance News) - Oracle Coalfields PLC Wednesday said its pretax loss widened in 2013 on administrative expenses and it is currently finalising key agreements for development at the Thar coalfield.
The lignite-coal developer in Pakistan, which is yet to produce any revenues, said its pretax loss widened to GBP1.0 million from GBP741,799 the previous year.
Oracle Coalfields said its losses were made by an increase in administrative expenses to GBP1.0 million from GBP743,663 as the company made necessary administrative changes to become a mining company.
The company also said it is now finalising agreements with its Chinese partners CAMC Engineering Co Ltd and SEPCO Electric Power Construction Corporation for energy projects at the Thar coalfield.
"Oracle looks to final investment decision on the project in its entirety towards the end of 2014," Chief Executive Shahrukh Khan said in a statement. "The power shortage continues to escalate throughout the country and the development of the Thar coalfield would alleviate this as well as supplying competitive electricity with the assurance of security of supply for the foreseeable future."
Oracle Coalfields shares were down 1.4% to 1.75 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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