28th Sep 2018 13:24
LONDON (Alliance News) - Vast Resources PLC on Friday posted a sharply widened loss for 2018 financial year due to losses on sale of subsidiary loans.
For the year to the end of March, the mining company reported a pretax loss of USD11.7 million, widened from a pretax loss of USD2.4 million the year before. Revenue rose by 29% to USD30.1 million from USD23.8 million the prior year, due to a rise in gold bullion sales in Zimbabwe and mineral concentrate sales in Romania.
The company incurred a USD12.5 million loss relating to the sale of a Zimbabwe subsidiary's loans.
Vast Resources said it plans to achieve economies of sales in Romania by having two cash generating mines and in Zimbabwe three cash generating mines, while looking to develop or acquire additional and larger mining operations in both countries.
Shares in Vast Resources were down 5.5% at 0.58 pence on Friday.
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