30th Sep 2013 13:58
LONDON (Alliance News) - Xtract Resources PLC Monday said it swung to a profit in the first-half, as it kept costs low.
The oil and gas investors posted pretax profit GBP36,000 for the period ended 30 June, compared with a GBP1.4 million loss a year earlier. The company said it reduced administrative and operating expenses losses to GBP251,000, from a GP1.0 million loss in 2012.
The group is not currently generating revenues from its operations.
Xtract said net assets stood at GBP1.26 million, down from GBP1.37 million, but total cash increased to GBP0.60 million, from GBP0.22 million.
The stock was trading at 0.2322 pence Monday, down 1.2%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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