(Alliance News) - Mining and energy company GCM Resources PLC on Wednesday reported a narrowed interim loss on lower expenses.
In the six months to December 31, GCM's pretax loss narrowed to GBP616,000 from GBP1.8 million. Like in the comparative period, GCM generated no revenue.
Pre-development expenditure fell sharply to GBP198,000 from GBP1.4 million and administrative expenses were down 17% to GBP279,000.
GCM said: "It has been a busy period for the company and, despite the macro-economic headwinds I am pleased with the progress made. We have continued to pursue our strategy of presenting a comprehensive power solution to the Bangladesh government, based on a 15 million tonne per annum "captive" coal mine in the Phulbari coal basin.
"We are looking forward to finally presenting the project proposal to the Bangladesh government and progressing the project in the interest of our shareholders and other stakeholders. However, it would be unrealistic to assume the Covid-19 pandemic won't have an impact on our timelines, given that governments worldwide are focused on dealing with the pandemic."
Shares in the company were 4.4% lower at 8.60 pence each in London on Wednesday morning.
By Eric Cunha; ericcunha@alliancenews.com
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GCM Resources (GCM)