LONDON (Alliance News) - Altus Strategies PLC said on Wednesday reported a sharply widened pretax loss for the first quarter of 2018 due to non-recovery of significant amount of management fees.
For the three months ended March 31, the company recorded a pretax loss of GBP515,781, compared with a pretax loss of GBP159,172 in the comparative year ago quarter. Management fees and costs recovered from joint venture partners fell to GBP34,494 from GBP366,270
Altus Strategies is a mining project generator in Africa, primarily concerned with gold. It had a GBP47,777 cost associated with acquisitions and initial public offering.
Altus acquired Legend Gold Corp on January 30 for GBP3.7 million. The purchase has been treated as an asset acquisition and its GBP138,00 transaction costs were included in the purchase price.
Altus does not currently generate revenue as it is early on in its investment process. Loss per share totaled 0.38 pence in the quarter, versus 0.19p loss a year ago.
The company did not provide any future business guidance but said its "current funds are forecast to provide sufficient working capital through the next financial year and additional funds will be raised as and when required".
Shares in Altus Strategies were down 6.7% at 7.00p on Wednesday afternoon.
