29th Sep 2014 10:52
LONDON (Alliance News) - StratMin Global Resources PLC Monday said its pretax loss widened in the first half, as administrative expenses rose while the company posted no revenue in the period.
The graphite explorer said its pretax loss in the six months to June 30 was GBP1.4 million against a loss of GBP1.0 million last year.
The rise came on the back of an increase in administrative expenses for the company in the period to GBP1.2 million from GBP908,000 last year. Revenue dropped to zero from GBP8,000 in the previous half-year.
The company said that, post the period end and in the quarter to September, production has been minimal and linked directly to sales orders in order to allow the company to preserve cash as it firms up sales contracts. The group said it is in talks with two potential buyers for longer offtake agreements.
StratMin shares were up 0.4% to 6.65 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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