12th Mar 2014 11:21
LONDON (Alliance News) - Stratex International PLC said it swung to a pretax loss in 2013 after 2012 was bolstered by a gain on an asset sale.
The gold explorer reported a pretax loss of GBP3.8 million, compared with a profit of GBP9.7 million in 2012. It doesn't make any revenues yet, and its administration expenses and project impairment costs rose.
It actually booked a GBP2.3 million gain for 2013 after it sold the Inlice project in Turkey, but last year it had booked a GBP12.9 million gain on the sale of its interest in the Oksut project.
Its cash balances at the end of the year were GBP10.6 million.
Stratex International shares were down 2.5% at 3.9 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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