LONDON (Alliance News) - Echo Energy PLC said Wednesday that its loss for the first half of its financial year increased as financial costs spiked.
For the six months to June 30, the company posted a pretax loss of GBP4.4 million compared to GBP1.7 million a year prior.
Financial expenses in the half-year period reached GBP2 million, up year-on-year from GBP364,288, due to a GBP1.4 million interest payable on long-term loans and GBP559,099 costs on foreign exchange.
Meanwhile, the company reported revenue of GBP2.9 million versus none a year ago. Gas and oil sales were USD2.1 million each, the company said.
Echo was readmitted to trading on AIM in January, following completion of the farm-in agreement with Compania General de Combustibles SA, which saw the company take a 50% interest in a number of assets in Argentina.
Looking ahead, Echo said it is expecting the level of activity seen in the first half of the year to continue throughout 2018.
Echo shares were trading down 3.1% at 11.39 pence each.
Echo Energy (ECHO)