31st Mar 2020 16:13
(Alliance News) - Red Rock Resources PLC on Friday reported a swing to profit for the first six months of its financial year due to the lack of project development costs, as well as income collected during the period.
For the six months to the end of December, the exploration and development firm posted a pretax profit of GBP337,000, swinging from a loss of GBP283,000 for the same period the the year before.
This was due to project development costs of GBP303,000 in the prior financial year that were not repeated in this one. In addition, other income was at GBP246,000, compared to none the year before.
The company's total comprehensive profit for the period was GBP227,000 compared to a loss of GBP2.1 million for the previous year.
During the period, Red Rock continued its work on restoring its Kenyan licences, and is preparing a programme for renewed exploration at the company's Luanshimba copper-cobalt licence in the Democratic Republic of Congo.
In the face of the Covid-19 pandemic, Red Rock said that its positioning in gold and battery metals will be well-adapted for the market environment, while its holding in manganese producer Jupiter Mines Ltd will continue to provide support for its asset value.
Shares in Red Rock Resources were down 8.7% at 0.16 pence on Tuesday in London.
By Dayo Laniyan; [email protected]
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