3rd Jun 2014 08:20
LONDON (Alliance News) - Xtract Resources PLC Tuesday said its pretax loss narrowed significantly in 2013 as it reduced expenses and achieved exceptional gains, including a payment from the disposal of an equity interest in Equus Mining Ltd.
The multinational energy holding company, which is yet to produce any revenues, said its pretax loss narrowed to GBP232,000 from GBP1.6 million the previous year.
In addition, Xtract noted that its net loss narrowed to GBP128,000 from GBP7.6 million the previous year, a period when it was hit by a GBP6.0 million charge due to losses at the companies discontinued operations during 2012.
The company said its operating loss fell to GBP1.2 million from GBP1.6 million due mainly to a reduction in its administrative and operating expenses to GBP803,000 from GBP1.6 million.
Xtract Resources also noted that it was paid out GBP840,000 in profits from its continuing operations, including a gain on its disposal of Equus Mining shares during the period.
The company is currently focusing on the development of its Chepica gold and copper project in Chile and evaluating its opportunity to develop the Mejillones Phosphate project which is also in Chile after it relinquished its licences held in the Danish sector of the North Sea during 2013.
So far in 2014, it has already completed a financing package with Yorkville Advisers LLC, consisting of debt of USD5 million and equity of USD1.4 million.
Xtract Resources shares were down 0.9% to 0.213 pence on Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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