LONDON (Alliance News) - Shares in investment company Nova Resources Limited dropped 22% Friday even as it posted narrowed pretax losses in the half year ended June 30.
The company previously had said that its coal transportation contract with Transgobi LLC had expired on April 15. Nova said Friday that whilst discussions had since taken place with Transgobi, it had not yet agreed a renewal. The company said it was continuing to look for other transportation opportunities in Mongolia and also continuing its dialogue with Transgobi.
Shares in Nova were trading down 22% at 0.820 pence Friday morning.
The company posted a revenue of GBP41,000, it reported no revenue in the comparative period the previous year.
The company posted a pretax loss of GBP623,000, narrowed from GBP870,000, which it attributed to ongoing developments in investments. The company said it had secured new investment of GBP400,000 in August, which it said would provide it with adequate funding for it to continue seeking opportunities.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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