Keras Resources (LON:KRS) – CORP: Interim results
Market Cap: £15m; Current Price: 1.1p
Interims reflect transition from developer to miner
LBT increased to £1,052k in H116 from £659k in H115, due to an increase in administrative costs and finance costs associated with the transition from a development company to a mining company.
Net debt increased to £2,235k in H116 from £261k in H115.
Post-period end completed £1,250,000 equity placing.
Northland Capital partners view: Keras Resources interim result reflects the Company’s transition from developer to miner. The Company began to haul ore to the Paddington Mill in early-April, after the period covered by the interim results, and as a result, no revenues were received in these results. The next set of results from Keras will reflect that the Company has moved into generating cash flow.