(Alliance News) - Galileo Resources PLC on Thursday said it reduced its first-half loss as expenses and value adjustment losses narrowed during the period.
The mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US reported its pretax loss narrowed to GBP471,761 in the first half ended September 30, from a loss of GBP1.6 million the year prior.
The firm said investment revenue rose 35% to GBP295,433, from GBP218,012 previously.
Meanwhile, operating expenses narrowed to GBP585,411, from GBP599,130, and its loss on fair value adjustments also narrowed to GBP162,802, from GBP401,274 a year ago.
Basic loss per share narrowed to 0.05 pence, from 0.13p previously.
Galileo shares fell 4.6% to 1.05 each on Thursday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Galileo Resourc (GLR)