News Column

Power Capital Global's Annual Loss Widens As Revenue Steeply Declines

June 27, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Power Capital Global Ltd Friday said its losses widened in 2013, after reporting a steep decline in revenues.

The Asia-based natural resources trading and logistics group reported a pretax loss of GBP2.0 million for 2013, compared with a GBP1.7 million loss in 2012.

"Whilst it has been a frustrating year with regards to developing our Asia based natural resources trading and logistics business, we continue to progress our parallel investment strategy where we are successfully targeting businesses that have the potential to offer the company in-market access to mining services and commodity trading opportunities," said Chairman Kung-Min Lin in a statement.

Revenues in the year declined steeply to GBP532,971, down from GBP1.2 million in revenues the prior year, due to a restructuring of its main coal off-take agreement, which it said meant that Indonesian thermal coal volumes were disappointingly low.

"This severely hampered the ability of the company to further expand its commodity trading activities and had an adverse impact on the company's working capital," the company said.

Power Capital Global shares last traded in July last year at 12.00 pence.

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Source: Alliance News

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