2nd Jun 2025 16:51
(Alliance News) - Sunda Energy PLC on Monday said its loss widened during 2024 on increased expenses, as the firm looks to revenue generation in the near future.
The Southeast Asia-focused gas resource company said its pretax loss in 2024 widened to GBP2.0 million from GBP1.7 million in 2023.
It continued to report no revenue, but said it is "focused on exploring and developing assets that the board believes will generate revenue for the group in the future".
Shares in Sunda Energy closed down 3.5% at 0.041 pence each in London on Monday afternoon. The stock is down 41% over the past year.
Administration expenses increased 47% to GBP2.2 million from GBP1.5 million, while the firm also recorded a one-off GBP221,000 recovery of historic costs on farm-out.
"2024 was a year of tremendous change for the company. With significant changes to the board, management and direction, it made sense to change the name. Sunda Energy is now a company truly focused on SE Asia, and in particular gas projects in that region," said Non-Executive Chair Gerry Aherne.
"The company has built on its exciting and valuable asset in Timor-Leste, putting together a highly experienced operating team and evaluating a pipeline of material new venture opportunities across the region."
By Emily Parsons, Alliance News reporter
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