(Alliance News) - Altus Strategies PLC on Wednesday said its loss narrowed considerably in the first quarter of the year thanks to operating income from termination of the Birsok bauxite joint venture project in Cameroon.
The Africa-focused project and royalty generator recognised GBP1.1 million in the three months ended March 31 after being issued 15 million shares in Canyon Resources Ltd on February in accordance with the Birsok termination agreement. This compares to an other operating loss of GBP2,217 the prior year.
On top of this, revenue and costs recovered from joint venture partners multiplied to GBP159,814 from GBP5,951, further helping narrow the pretax loss to GBP37,459 from GBP543,366.
Shares in Altus were down 2.3% at 32.25 pence in London on Wednesday afternoon.
By Anna Farley; annafarley@alliancenews.com
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