(Alliance News) - Wishbone Gold PLC on Monday said its loss widened marginally in the first half of 2019 due to expenses, as it works to leave Honduras and focus on the Middle East.
Shares in Wishbone were down 7.7% at 0.03 pence in London in afternoon trade.
The miner posted a USD537,737 pretax loss for the six months ended June 30, widened from USD527,428 a year before. One factor in this slight change was a 12% rise in administration expenses to USD555,687 from USD497,834.
Sales rose 69% to USD6.6 million from USD3.9 million but cost of sales kept pace with this increase.
Wishbone Chair Richard Poulden said: "With the marked increase in the gold price we have seen an increased interest in holding physical gold. There is also increased activity in cross border trading of physical gold where we are well positioned in Dubai between Asia and Europe.
"The company is seeking to extricate itself from its Honduras operations, to focus on the burgeoning growth in trading in the Middle East. The Australian licences remain in the company for the time being, and the board are considering strategies to increase opportunities here. The board look forward to updating shareholders in due course."
By Anna Farley; annafarley@alliancenews.com
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Wishbone (WSBN)