27th Mar 2020 12:10
(Alliance News) - Regency Mines PLC on Friday said its interim loss narrowed as the share of losses from associates and joint ventures narrowed sharply.
For the six months to the end of December, the exploration & development company posted a pretax loss of GBP620,000, narrowed from GBP1.7 million the same period the year before.
Although administrative expenses rose to GBP371,000 from GBP267,000 year-on-year, however the share of losses in associates and joint ventures dropped to GBP3,000 from GBP1.3 million.
Regency Mines said that over the period its operational focus was on its interest in Flexible Grid Solutions, starting with an exclusivity agreement with the landlord of the first project in its portfolio, the Southport Energy Centre.
This was followed in mid-December by Regency's buyout of the remaining 20% interest in Flexible Grid Solutions in did not already own, giving the company complete control of the energy development vehicle.
Looking ahead, Regency Mines said its is inevitable, that the worldwide Covid-19 outbreak will slightly delay or alter the timing of some of the commercial objectives the company intends to pursue in 2020.
However, Regency will look to minimise the virus's impact any way it can.
Shares in Regency Mines were 17% lower at 0.91 pence on Friday in London.
By Dayo Laniyan; [email protected]
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