LONDON (Alliance News) - Independent Resources PLC Tuesday posted a wider loss for the first-half on the back of a writedown of its Italian assets.
The company, which produces no revenue, said its pretax loss for the six months to June 30 was GBP5.4 million, against a loss of GBP568,282 a year earlier.
The loss was primarily down to a GBP4.7 million writedown taken by the company on the Fuime Bruna and Casoni assets in Italy. The company said its attempts to combine the work programmes at the two sites and its attempts to farm-out of the programmes have proved unsuccessful, resulting in it having to take the writedown.
Owing to the writedown on the value of the assets, the company said it will also take further steps to reduce its ongoing costs in Italy.
The company said it has started the farm-out process for the Ksar Hadada permit in Tunisia.
Shares in the company were trading 15.3% higher at 2.45 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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