(Alliance News) - Erris Resources PLC said on Thursday interim revenue fell but its loss narrowed on lower administrative expenses.
The mineral exploration company's revenue for the first half of 2019 was EUR15,835, versus EUR65,747 a year ago, a 76% fall. The firm generated a pretax loss of EUR265,303, narrowed from EUR355,333 a year ago as administrative expenses fell to EUR235,971 from EUR301,078.
At the end of August, the firm said it held around EUR1.7 million in cash and has maintained a "disciplined approach" to expenditure on its wholly-owned projects.
"Given the challenging state of the resources sector currently, the company will maintain this approach whilst actively seeking partners for its zinc-lead projects in Ireland. At the same time, the board and management continue to review projects in low risk jurisdictions internationally that fit its investment criteria," said Erris.
Shares in Erris were down 8.4% at 5.13 pence in London on Thursday.
By Lucy Heming; lucyheming@alliancenews.com
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