23rd Sep 2014 10:11
LONDON (Alliance News) - Oracle Coalfields PLC Tuesday posted a wider pretax loss for the half-year to the end of June on the back of a rise in costs in the period as the company continued to produce no revenue.
Oracle's pretax loss in the six months to June 30 was GBP377,966 against a GBP288,499 loss a year earlier. The loss reflected the rise in costs for the company in the period, up to USD379,827 from USD290,310, as the company made no revenue again in the half-year.
The company, which is a developer of a lignite coal mine located in the south eastern Sindh Province in Pakistan, said it continues to have the support of Pakistan's government in the development of the project.
It said it is working with its Chinese partner on the project, SEPCO Electric Power Construction Corp, on the details of the contracts for the mine and the power plant.
Oracle said it plans to deliver a number of milestones in preparation for seeking a larger funding deal which will be needed to advanced the project. It said its recent fundraising, in which it raised GBP775,000, would back its push to reach these milestones, which it is seeking to do by the end of this year.
Oracle Coalfields shares were down 6.6% to 1.237 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Oracle Power