(Alliance News) - Altus Strategies PLC on Thursday said it swung to first half profit, helped by higher revenue, lower costs and an investment gain.
Revenue in the six months to June 30 climbed to GBP176,674 from GBP28,112 a year earlier. The Africa-focused mining royalty company swung to pretax profit of GBP805,928 from a GBP831,139 loss.
The company's fair value gain on investments were up more than ten-fold to GBP431,141 from GBP42,654 a year earlier. Administrative expenses were 20% lower at GBP272,989.
Since the end of the period, Altus has reported drilling results from assets in Mali. At Tabakorole, it found intersections including 4.7 grams per tonne of gold over 14.0 metres and 1.2 grams per tonne over 31.0 metres.
It also lauded a "significant" gold resource at the Diba asset following a mineral resource estimate.
Altus shares were 2.1% lower at 67.55 pence each in London on Thursday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.