Vast Resources PLC (LON:VAST) saw a jump in its first-half revenue driven by its two operational mines in Romania and Zimbabwe, although higher expenses and a foreign exchange loss weighed on overall numbers.
For the six months to 30 September 2018, the AIM-listed miner saw its revenue increase by 47%% to US$21.942mln, up from US$14.882mln a year earlier.
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However, the group also posted a 31% increase in administrative overhead expenses to US$3.5mln and a foreign exchange loss of US$1.4mln compared to a foreign exchange gain of US$1.2mln in the same period a year earlier.
The led the firm to report a US$1.3mln loss from operations in the first half, compared to a US$0.56mln a year earlier, although there was an 83% decrease in its total loss after taxation to US$2.1mln following a big exceptional item in the previous year.
The company said its cash balances as at 21 December 2018 were back up to US$1.379mln having fallen to US$0.661mln at the end of the first-half.
Looking ahead, Andrew Prelea, Vast Resources’ chief executive officer commented: “Vast will be focusing on improving results in its core operations in both Romania and Zimbabwe. Opportunities in both jurisdictions will be pursued rigorously with reliance made on its local management and the extensive network of relationships with key parties.”