LONDON (Alliance News) - Minco PLC on Tuesday said it swung to a loss in the first quarter of 2016 after being hit by negative movements in foreign exchange rates.
The exploration and development company said it made a CAD426,000 loss in the three months ended March 31, having made a CAD482,000 profit in the same period in 2015. It said this was due to it suffering a CAD159,000 foreign exchange loss, compared with a CAD665,000 foreign exchange gain the prior year.
Meanwhile, administrative expenses increased to CAD281,000 from CAD203,000 due to higher professional and legal fees. Minco is not revenue generating.
Shares in Minco were trading down 14% at 0.800 pence on Tuesday morning, the second worst performer in the AIM All-Share index.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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