News Column

Astar Minerals Pretax Loss Narrows On Reduced Expenses, No Impairment

June 27, 2014

Tom McIvor

LONDON (Alliance News) - Astar Minerals PLC Friday said its pretax loss narrowed in 2013 after the company was hit by a large loss due to an impairment during 2012, and its administrative expenses fell in 2013.

The natural resources investment company, which is yet to produce any revenues, said its pretax loss narrowed to GBP51,000 from GBP4.7 million the previous year.

The company said its administrative expenses more than halved during the period but the majority of its reduction in losses was due to a GBP4.6 million impairment in its investments during 2012, with no impairments seen in 2013.

Astar Minerals is trying to move quickly to be one of the first companies to take advantage of the reopening of the Mexican energy sector to private companies. The company said earlier in June that it had signed an agreement with Mexican oil services company Geo Estratos SA de CV to form a joint venture to look for oil and gas in Mexico.

Late last month, it signed another joint venture deal with Nogal Holdings LLC, which was formed to pursue investment opportunities in Texas and Mexico, and said on June 19 that the new deal with Geo Estratos was a result of the Nogal deal.

"There are some very interesting opportunities in the Mexican oil and gas sector," Chairman Andrew Frangos said in a statement. "The company has started to put in place the means to access such opportunities through agreements with local partners. I firmly believe that shareholders can now look forward to an exciting future for the company."

Astar Minerals shares were down 1.5% to 1.65 pence on Friday.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Alliance News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters