30th Sep 2013 12:07
LONDON (Alliance News) - Strategic Minerals PLC Monday said its pretax losses widened in its first half as lower carrying value of the company's New Mexico operations offset increased sales.
The magnetite iron-ore producer and exploration company with operations in the US said its pretax losses widened to GBP4.4 million from GBP1.3 million for the six months ended June 30.
The company said its sales vastly increased to GBP14.0 million from GBP334,000 as the amount sold increased to 247,000 dry metric tonnes from 6,000 dry metric tonnes the previous year.
However, the cost of sales at Strategic Minerals significantly increased as a result, to GBP13.4 million from GBP173,000.
Strategic Minerals was hit by a intangible asset amortisation cost of GBP3.1 million, as the carrying value of its New Mexico operations lowered in value.
Strategic Minerals shares were down 15% to 2.26 pence Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Strategic Minerals