22nd May 2015 06:44
LONDON (Alliance News) - StratMin Global Resources PLC Friday said its pretax loss narrowed in 2014 after it began production and revenue increased.
The graphite producer and explorer reported a pretax loss of GBP2.4 million for 2014, slightly narrower than the GBP2.5 million loss in 2013 after its finance costs fell to GBP35,000 from GBP351,000, mostly offset by other costs.
The company generated GBP153,000 in revenue, up from GBP46,000 a year earlier, but its cost of sales outstripped revenue at GBP185,000 which turned it to a gross loss of GBP32,000.
Administrative expenses also rose to GBP2.3 million from GBP2.1 million, but other operating expenses dropped to GBP15,000 from GBP104,000.
StratMin basic loss per share narrowed to 2.47 pence per share from 4.15 pence.
The company started commercial production of graphite in April 2014 with continuing production throughout the year, and said production has increased in the first quarter of 2015.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Stratmin Global Resources