LONDON (Alliance News) - GCM Resources PLC on Wednesday said its pretax loss widened in the first half due to higher share-based payments as it continues to focus on securing approval for the Phulbari coal project.
GCM said its pretax loss for the half to the end of December was GBP640,000, compared to GBP461,000 a year earlier, mainly due to share-based payments rising to GBP271,000 from GBP124,000. GCM does not generate any revenue.
GCM remains focused on developing the Phulbari coal project in north west Bangladesh. Despite a delay in the project getting approval from the Bangladeshi government, GCM said the basis for advancing the project remains robust.
GCM remains confident it will secure the necessary approvals for the project to allow it to proceed to the next stage of development.
Shares in GCM were down 4.9% to 4.28 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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GCM Resources (GCM)