(Alliance News) - Berkeley Energia Ltd on Thursday said it swung to a first-half loss due to the reversal of a gain on fair value movement booked in the year prior.
In the six months to December 31, Berkeley - currently developing its Salamanca uranium project in western Spain - posted a pretax loss of USD5.7 million. In the first half of the year before, it achieved a pretax profit of GBP61.3 million.
The principal reason for this was a GBP1.4 million loss on fair movement on financial liabilities, swinging from a gain of GBP59.6 million.
The company also posted a foreign exchange movement loss of USD998,000, again, swinging from a gain of USD4.1 million. Interest income fell 26% to USD829,000 from USD1.1 million.
Berkeley said: "The company's focus continues to be on progressing the approvals required to commence construction of the Salamanca mine and bring it into production. The company continued to engage with the relevant authorities in a collaborative manner in order to facilitate the timely resolution of the pending approvals required to commence construction of the mine.
"The company's Spanish executives have met and had constructive dialogue with officials from the Ministry for Ecological Transition & Demographic Challenge, the Regional Government of Castilla & Leon, the Municipality of Retortillo, and the Nuclear Safety Council."
Shares in the company were untraded at 8.05 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Berkeley Eng (BKY)