GCM Resources widens losses in another year of nil revenue

(ShareCast News) - Resource exploration and development company GCM Resources reported its preliminary results for the year to 30 June on Thursday, with exploration and evaluation costs almost halving from last year, to £0.04m from £0.08m.The AIM-traded firm's share-based payments were up significantly, however, to £0.27m from £0.18m, with its administrative expenses roughly in line at £0.66m against £0.69m last year.It was another year of nil revenue, resulting in an operating loss of £0.97m, an increase from 2015's £0.94m.After taking into account finance costs, GCM's total loss for the year was £1.04m, up from £0.94m, making for a basic and diluted loss per share of 1.7p compared to 2015's 1.5p.