LONDON (Alliance News) - Frontera Resources Corp said on Thursday its interim loss narrowed on higher revenue and reduced costs.
Revenue for the first half of 2018 rose to USD1.8 million from USD1.5 million, as the company recorded an operating loss of USD4.1 million compared to USD5.7 million a year ago. The company's net loss narrowed to USD7.0 million from USD11.4 million a year before.
Field operating & project costs nearly halved to USD1.9 million from USD3.4 million, while general & administrative costs were broadly flat at USD3.3 million.
"Significant reduction of our debt in 2017 and other cost saving measures on the operations side in the first half of 2018 helped the company to reduce year-on-year loss by USD4.4 million," said Chief Executive Zaza Mamulaishvili.
Mamulaishvili continued: "The company is continuing the execution of its cost optimisation programmes and is further advancing the efforts to clean the balance sheet to strengthen its financial health to be better positioned for implementation of current and future operational plans."
Shares in Frontera were down 3.8% at 0.3097 pence on Thursday.
