LONDON (Alliance News) - ZincOx Resources PLC Tuesday said its pretax loss widened in 2013 as increased revenues were offset by higher costs and expenses at the company.
The zinc recycling company said its pretax loss widened to USD26.3 million from USD10.0 million the previous year despite a near tripling of revenues to USD27.5 million from USD10.8 million.
The company said its revenues increased as the company produced 24,577 tonnes of zinc in oxide concentrate after the progressive ramp up of operations in Korea.
However, ZincOx said its cost of sales also increased to USD40.3 million from USD21.7 million and its comparable period in 2012 benefited from a USD10.5 million one-off gain after ZincOx sold its interest in Jabal SalabCo Ltd, widening its operating loss to USD21.7 million from USD7.2 million.
The company said its full-year results were affected by a range of operational closures at its Korean Recycling Plant during the period which hit production costs and led to production suspensions.
However, it added that its ongoing ramp-up of operations at South Korea has meant that a record output was set in May 2014, with the production of 3,406 tonnes of zinc in concentrate, representing a 9% increase from the previous best month.
ZincOx shares were up 0.4% to 11.80 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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