(Alliance News) - Prairie Mining Ltd on Friday said its loss narrowed sharply in its most recently ended financial year, despite a slip in revenue.
The coal development company said its pretax loss narrowed to USD3.6 million in the year to the end of June compared to USD19.4 million loss reported a year prior, thanks to a non-repeat of USD9.9 million non-cash fair value movement, which was recorded in its financial 2018.
Exploration expenses inched down to USD3.3 million from USD6.8 million.
In addition, Praire secured an income of USD2.0 million, versus none a year ago, relating to the gain on extinguishment of the contingent consideration related to the Karbonia acquisition.
Less positively, the company's revenue declined to USD557,330 from USD826,883 year-on-year, consisting of interest income of USD203,160 and the receipt of USD354,170 of gas and property lease income derived at Debiensko mine in Poland.
Prairie shares were untraded in London on Friday, last closing at 16.50 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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