27th Feb 2015 10:31
LONDON (Alliance News) - Metals development company Wolf Minerals Ltd Friday reported higher revenue in 2014, but said a surge in administrative expenses and other costs and fees, left it a year end with a bigger pretax loss.
The company reported a pretax loss of USD4.3 million for 2014, significantly more than the USD1.3 million loss it posted in 2013, as costs in the business rose considerably.
The biggest costs increases were in administrative expenses, which almost doubled to USD1.2 million, depreciation and amortisation expenses of USD70,093, as well as higher finance costs and directors' fees. The company also booked a financial instrument loss of USD975,366 in 2014.
Revenue in the year increased to USD303,034 from USD23,305 the year before.
"I am delighted to be able to report on the significant progress we made in the first half of the current financial year and which has continued into the second half," said Managing Director Russell Clark in a statement.
Clark said that the company's Hemerdon tungsten and tin project in Devon, southwest England, is progressing well and is on schedule for dry commissioning in March.
"Additionally, we have completed the drilling programme undertaken to assess the opportunity, within the existing planning permission boundary, to steepen the mine walls and thereby increase the reserves and extend the mine life," said Clark.
"Based on the progress we have made so far the board remains confident of delivering a tungsten producing mine on schedule and on budget," he added.
Wolf Minerals shares were trading 0.3% higher Friday morning at 18.30 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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