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LONDON (Alliance News) - Red Rock Resources PLC on Friday reported a widened loss for the first half due to a surge in project development costs and downward revaluation of investments.
For the six months to the end of 2018, the exploration and development firm posted a pretax loss of GBP282,533 versus GBP114,874 loss in the comparative period a year ago.
Project development costs jumped to GBP302,598 from GBP34,463 and other project expenses increased to GBP94,944 from GBP51,592 a year ago.
Total comprehensive loss for the period was GBP2.0 million compared with a total comprehensive profit of GBP4.6 million for the previous year.
"This loss derived mainly from a GBP1.8 million downward revaluation of available for sale investments, reflecting the decline in the market price of the company's shares in Jupiter Mines Ltd," Red Rock explained.
Looking ahead, the company said it will continue to maintain a low cost structure and focus its activities on unlocking the value of its "promising and high quality assets" in the Congo and Kenya.
Red Rock shares were trading down 6.3% at 0.56 pence each.