LONDON (Alliance News) - New World Resources PLC, a coal producer, on Thursday reported a narrower third-quarter pretax loss, although cash has fallen since that quarter began.
The company's pretax loss narrowed to EUR25.9 million in the three months to September 30, from the EUR66.9 million pretax loss in the corresponding period the prior year, as revenue rose to EUR159.1 million from EUR157.7 million.
Cash fell to EUR57.4 million at the end of the third quarter, from EUR88.6 million at the start. The company said cash then bounced back up to EUR77.0 million by the end of October.
Separately, New World confirmed that Nicholas Lee, who is the chairman of Paternoster Resources PLC, has been appointed to the board after voting by shareholders at the company's annual meeting. Paternoster has an 8.0% stake in New World Resources following a purchase of 366.6 million shares at 0.07 pence each in September. Lee owns a separate 0.68% stake in New World Resources.
"The company's share price has already responded positively, and I am very much looking forward to working with the board of New World to develop and implement a clear strategy for the company going forward in order to generate value for all shareholders," Lee said in a statement.
Adam Reynolds, a director at several companies, including Premaitha Health PLC and Hubco Investments PLC, also was appointed to the board.
Shares in New World Resources were down 13% at 0.410 pence on Thursday late morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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