30th Sep 2014 11:37
LONDON (Alliance News) - ZincOx Resources PLC Tuesday narrowed its loss on the back of stronger revenue in the first half.
The company said its pretax loss for the six months to June 30 was USD7.6 million, reduced from the USD17.6 million loss posted a year earlier.
The results were boosted both by a rise in revenue in the period, up to USD17.8 million from USD13.9 million a year earlier, and by a drop in administrative expenses to USD1.7 million from USD8.6 million last year.
The group said the result was driven by continuing improvements at its Korean recycling plant business, with zinc recovery over 90% at the site and a guaranteed offtake agreement extended to 840,000 tonnes.
"The major problems that have affected our production in the past have now been addressed and this, together with the increasing zinc price, is most encouraging. We are confident that full production can be achieved by the year end," said ZincOx Chairman Rod Beddows.
ZincOx shares were up 1.3% to 11.525 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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