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LONDON (Alliance News) - GCM Resources PLC Thursday said its pretax loss widened in its full-year as reduced overheads could not offset exceptional costs.
The resource exploration and development company, with coal-focused operations in Bangladesh, said its pretax loss widened to GBP2.7 million for the twelve months ended June 30 from GBP1.2 million the previous year.
The company is yet to post any revenues and lowered its administrative expenses to GBP1.2 million from GBP1.6 million during the period.
However, the company's finances were hit by a GBP864,000 exceptional item cost which led to its losses widening.
The company recently announced that it raised GBP2.3 million at the end of August via a share placement.
GCM Resources shares were up 0.2% to 18.29 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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