(Alliance News) - Europa Metals Ltd on Wednesday said annual loss widened largely due to a one-off loss on deconsolidation.
Shares in Europa Metals were down 5.9% to 1.93 pence each in London on Tuesday morning.
In the financial year that ended June 30, the Europe-focused lead-zinc and silver developer said pretax loss widened to USD3.4 million from USD2.5 million a year earlier.
This was largely due to a one-off loss on deconsolidation of USD1.3 million, as administration expenses fell to USD1.2 million from USD1.3 million, exploration expenditure fell to USD990,477 from USD1.2 million, while it swung to a foreign exchange gain of USD44,724 from USD78,730.
It posted no revenue, unchanged from a year earlier, although other income ticked up to USD177,279 from USD168,268.
Europa Metals also incurred a one-off GBP115,958 as a share of net loss of associate.
By Greg Rosenvinge, Alliance News reporter
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Europa Metals (EUZ)