(Alliance News) - Keras Resources PLC on Thursday said annual revenue more than doubled, despite a decline in phosphate mined at Diamond Creek.
The Surrey, England-based mine developer focused on West Africa and the US said pretax loss narrowed to GBP997,000 in 2022, from GBP2.0 million in the 15 months to December 31, 2021. This was partly attributed to the cost of sales declining by 47% to GBP263,000.
Revenue more than doubled to GBP994,000 from GBP432,000 the year before. Keras did not provide further details for this increase.
Keras said the total tons of phosphate mined at its Diamond Creek mine in the US state of Utah dropped by 44% to 4,750 tonnes from 8,520 tonnes a year prior.
Looking ahead, Keras said plans to broaden its product mix are underway and said the construction of a downstream granulator plant is scheduled for 2023. The company added its acquisition of Falcon Isle Resources LLC in April 2022 will be an "increasingly profitable and valuable asset".
Shares in Keras are suspended at 4.00 pence each.
By Sabrina Penty, Alliance News reporter
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Keras Res (KRS)