(Alliance News) - Gas firm Aminex PLC said Monday its interim loss improved as it cut costs, as it was hopeful over a potential softening of headwinds in Tanzania.
For the six months ended June, pretax loss improved to USD2.2 million from USD2.4 million the year before. This was despite revenue halving to USD142,000 from USD340,000 the year before.
"We are encouraged that the delays the company has experienced over the past eighteen months in being able to pursue our operations programme in Tanzania appear to be finally coming to an end and there is now firm evidence of a gradual unlocking of the approvals processes in country," Aminex Chief Executive Officer Tom Mackay said.
"Having successfully pared back our administrative expense, through the year to date, we have been able to advance a modest technical and operational planning work programme on both our KNDL and Ruvuma permits in what has been both a difficult and transitional period for your company," Mackay added.
"We continue to see significant potential in our assets in Tanzania and look forward to being in a position to deliver value for shareholders, from a low-cost base, which we have worked tirelessly to achieve this year," Mackay continued.
Shares in Aminex were 0.2% lower at 1.22 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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Aminex (AEX)