LONDON (Alliance News) - Shares plunged in Wishbone Gold on Friday as it reported a widened loss and lower revenue for the first half of 2018 due to constrained volumes and the company expanding its presence in Africa.
Shares in the precious metals company dropped 16% to 0.18 pence on Friday.
For the six months to the end of June, Wishbone's pretax loss widened to USD527,428 from USD331,035 the year before due to higher administration expenses, as well as one-off finance costs.
Sales dipped to USD3.9 million from USD4.0 million, due to volumes being constrained by a shortage of trading capital.
There were also delays in its Honduras operation coming online due to the failure of Wishbone's partners in obtaining the correct licenses. Wishbone now expects the operation to be on stream by the end of 2018, and is expected to boost the company's profitability with its output.
"The major changes in the last few months are moving Honduras to final completion and continued expansion in Africa. The move to a stable government in Zimbabwe is particularly significant as we have been in discussions there since before the elections. We will make announcements shortly," Wishbone said in a statement.
Wishbone (WSBN)