LONDON (Alliance News) - Ortac Resources Ltd Thursday reported a narrowed pretax loss for its most recently ended financial year due to cost cutting measures it put in place, and said it had achieved most of the milestones it had set itself.
The AIM listed exploration and development company reported a pretax loss of GBP1.3 million for the year to end-March, narrowed from a pretax loss of GBP1.8 million a year before. It did not post revenue in either period.
Ortac noted that markets are challenging for resource companies in general, but it has now diversified its portfolio in order to reduce its risk exposure and said it believes it is now well positioned to capitalise on a recovery in the sector.
"Over the last 12 months your company has achieved most of the milestones we set ourselves: firstly, we have raised more capital and cut costs; further, we have broadened our portfolio of projects, to encompass minerals other than gold and to reduce our reliance on Slovakia," said Chairman Anthony Balme in a statement.
"These are strategic decisions which we feel will strengthen the Company and we are confident that the potential value of your investments will be reflected in the company's future share price," Balme added.
Shares in Ortac Resources were trading flat at 0.0600 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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