(Alliance News) - Alba Mineral Resources PLC on Thursday reported a statutory half-year profit due to accounting standards relating to the loss of its majority stakeholder status in GreenRoc Mining PLC.
The Northern Europe-focused mineral explorer said in the six months to May 31, it swung to a pretax profit of GBP2.1 million from a loss of GBP815,000 a year prior.
The company reported a gain on deemed disposal of GBP2.7 million, compared to no such gain a year before. "Under applicable accounting standards, the dilution and resulting change in GreenRoc's status from subsidiary to associate is a deemed disposal of GreenRoc by Alba which results in an accounting gain," it explained.
The company noted that its share in GreenRoc has declined to to about 43% as at August 1 from 44.7% as at July 24, and from 54% in March.
Looking ahead, Executive Chair George Frangeskides said: "Alba remains in a strong position to generate real and sustained growth across its existing portfolio of assets and investments. We also continue to assess opportunities to expand our portfolio's value by the acquisition of additional complementary assets."
Alba Mineral Resources shares rose 2.2% to 0.12 pence each on Thursday morning in London.
By Tom Budszus, Alliance News reporter
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Alba Mineral Resources (ALBA)
Greenroc Mining (GROC)