30th Sep 2013 12:27
LONDON (Alliance News) - Rialto Energy Limited Monday said its pretax losses widened in its full-year as a significant impairment charge hit the company.
The West Africa-focused exploration company said its pretax losses widened to AUD170.5 million from AUD10.1 million for the twelve months to June 30.
The company said revenue fell to AUD127,784 from AUD725,482 as lower cash balances after the company's 2012 drilling campaign meant lower levels of interest income.
Rialto was especially hit by a AUD150.8 million impairment charge on its Ivory Coast operations, related to an agreement to sell 65% of one of the group's subsidiaries.
The company also paid an exploration expenditure cost of AUD11.6 million which hit company finances.
Rialto shares were up 1.59% to 1.60 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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