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LONDON (Alliance News) - Metals Exploration PLC on Thursday reported a narrowed loss for 2017 on the back of diminished losses on forward sales contracts and lower finance costs.
For 2017, the exploration company recorded a pretax loss of GBP13.4 million, compared with a pretax loss of GBP20.4 million in 2016.
Losses on forward sales contract fell to GBP3.8 million from GBP6.7 million. Finance costs reduced to GBP1.6 million to GBP4.2 million.
The company's full-year revenue multiplied year-on-year to GBP34.7 million from GBP5.7 million in 2016. The company however, spent the entire revenue amount to satisfy costs of selling its gold produce.
Metals Exploration shares were trading up 0.8% at 3.15 pence.