LONDON (Alliance News) - Altus Strategies PLC said Tuesday its loss for the first half of the year narrowed as it significantly reduced its fair value loss on investments in the second quarter and cut its administrative expenses.
For the six months to June 30, the Africa-focused exploration company posted a pretax loss of GBP1.1 million compared to GBP1.2 million a year prior. Its administrative expenses fell to GBP523,743 from GBP988,410 the year before, as it did not pay bonuses and equity settlement of debt to its employees which it paid a year ago.
However, the company gained just GBP41,325 in fees and costs recovered from joint venture partners, compared to GBP383,226 a year ago.
During the second quarter to June 30, the company's loss was GBP546,403 versus GBP1.1 million, with the reduction partly attributable to significant smaller loss on the fair value of investments amounting to GBP46,383 compared to GBP159,994 in the second quarter a year ago.
The company's half-year loss from operations narrowed to GBP919,063 versus GBP1.1 million in the comparative period a year ago.
As the company is currently at the stage of exploring resources and it is not producing, it did not record any revenue for the current or previous six-month period.
Altus did not declare an interim dividend in respect of the six-month period.
The company said it continues to progress its projects in its active exploration programmes in Mali, Ivory Coast, Liberia, Cameroon, Morocco and Ethiopia, from which it expects to generate technical results in due course.
Shares in Altus Strategies were untraded at 4.00 pence each on Tuesday.
