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(Alliance News) - Berkeley Energia Ltd on Thursday said it swung to profit in its most recent financial year as its gain on fair value movement on financial liabilities more than doubled.
Shares in Berkeley Energia were down 3.7% at 13.00 pence in London in early afternoon trade.
The company - currently developing its Salamanca uranium project in western Spain - posted a USD34.4 million pretax profit for its financial year ended June 30, worlds away from the USD4.7 million loss posted the year before.
The principal reason for this was a USD38.1 million gain on fair movement on financial liabilities, more than twice the USD15.9 million figure reported the year before.
The company made smaller gains on a swing to a foreign exchange tailwind from a headwind, as well as lower exploration and business development expenses. It also recorded a USD1.9 million gain on share-based payment expenses versus a USD545,000 loss the year before.
Revenue - being interest income on Berkeley Energia's GBP96.6 million cash pile - more than doubled, rising to USD2.3 million from USD1.0 million.
In July, Paul Atherley, Berkeley Energia's then chief executive and managing director, resigned. He has been replaces on an interim basis by Robert Behets, a non-executive director.
The firm has established its new head office in Madrid and is looking for a Spanish national to take over as permanent managing director and CEO.
By Anna Farley; annafarley@alliancenews.com
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