(Alliance News) - Tertiary Minerals PLC on Wednesday said its loss narrowed significantly in its most recently ended financial year, thanks to reduced impairment charges.
The AIM-traded mineral exploration and development company reported pretax loss of GBP831,507 in the year to the end of September compared to GBP2.3 million loss a year earlier, as its impairment charges reduced to GBP442,917 from GBP2.0 million.
Revenue, meanwhile, slipped to GBP189,742 from GBP218,841.
The company is currently in the earlier stages of the typical mining development cycle and so has no income other than cost recovery from the management contract with Sunrise Resources PLC and a small amount of bank interest, Tertiary explained.
Tertiary Minerals shares were trading 43% lower in London on Wednesday at 0.44 pence a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Tertiary Minerals (TYM)
Sunrise Res (SRES)