Global Petroleum Swings Back To Loss, Costs Increase

Wed, 12th Mar 2014 10:28

LONDON (Alliance News) - Global Petroleum Ltd Wednesday said it swung to a loss in 2013 after 2012 was boosted by a tax gain.

The company reported a loss from continuing operations of USD1.6 million in 2013, compared with a profit of USD254,681 a year earlier when it booked a USD1.4 million tax gain. The company isn't currently earning any revenues and so its losses are all down to its expenses.

Salary costs, administrative expenses, and other expenses all rose in 2013.

Global Petroleum shares were down 3% at 5.75 pence Wednesday morning.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

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