LONDON (Alliance News) - AIM-listed natural resource investing company Andalas Energy & Power PLC on Tuesday said it swung to a pretax loss in the first half due to a rise in administrative expenses.
The company, which changed its name from CEB Resources PLC in December, does not produce any revenue and said it swung to a pretax loss USD1.9 million in the six months to the end of October, compared to a USD493,000 profit made a year earlier due to gains made on its investment portfolio.
Andalas is focused on the Indonesian energy market and has lodged farm-in offers for three assets, which are currently under consideration by the owners.
"ADL has already achieved a number of significant milestones as we implement our defined strategy to build a significant energy company focussed in Indonesia," said David Whitby, Andalas' chief executive.
Andalas shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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