27th Nov 2013 12:05
LONDON (Alliance News) - Westmount Energy Ltd Wednesday said its pretax loss widened in its last financial year as the company made significant losses on its investments.
The AIM-listed energy investment company said its pretax loss widened to GBP755,091 for the twelve months ended June 30, from a GBP339,186 loss in the same period the previous year.
The company made a GBP679,043 profit onthe disposal of assets, compared with a loss from disposals of GBP1.4 million the previous year. However, the company made a loss on its investments of GBP627,157, compared with a gain on its financial assets of GBP1.5 million the previous year.
Westmount did say it had managed to cut down its administrative expenses during the period to GBP196,977 from GBP480,914 as directors reduced their fees, including the chairman who was paid 50% less during the period.
The company said it has now broadened its approach to looking for investments and is looking at other value creating areas in order to achieve its objectives.
Westmount Energy shares were untraded at 22.5 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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