LONDON (Alliance News) - Red Emperor Resources NL on Monday said its annual loss narrowed as it swung to a gain on foreign exchange.
Shares in Red Emperor were down 4.4% at 2.96 pence on Monday.
In its financial year ended June 30, the oil & gas exploration company recorded a pretax loss of USD690,097, reduced from its USD758,918 loss the prior year.
The majority of this change can be attributed to a swing to a USD107,065 unrealised gain on foreign exchange from a USD112,584 loss. The company saw an additional USD10,445 realised gain on investment during the period, compared to no such gain the year before.
Red Emperor did reduce its employee-associated costs, cutting its employee and director benefits expense to USD253,950 from USD274,103, for example, but this was offset by other expenses such as USD113,717 on travel versus USD66,922 the prior year.
The company is currently in its exploration stage and did not produce any revenue for the year. It intends to participate in the drilling of an Alaskan exploration well in early 2019, having signed definitive agreements post year-end in July.
During its financial year, Red Emperor increased its stake in Block SC 55 in the Philippines to 37.5% from 15%, with a vote on a work program and budget scheduled.
"The group will continue its investment in resource projects with the object of identifying commercial resources. The company intends to pursue acquisition and investment opportunities to secure new projects in the natural resources sector," said Red Emperor Managing Director Greg Bandy.
