LONDON (Alliance News) - Regency Mines PLC said its pretax loss widened in its last financial year due to a writedown it booked on its nickel holdings and said progress has been made in identifying new investments.
Regency Mines said its pretax loss for the year widened to GBP5.9 million for the year to the end of June, from GBP1.5 million a year earlier, mainly due to the group booking an impairment charge on assets it sold over the course of the year. Regency did not generate any revenue.
The impairment related to a writedown on the direct carrying value of its holding in Direct Nickel.
Regency said it continues to seek more onshore oil sector investments and has made progress since the end of its last financial year.
Shares in Regency were down 30% to 0.0175 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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