News Column

Plutus Resources Pretax Loss Narrows Slightly On Cost Control

July 21, 2014

Tom McIvor

LONDON (Alliance News) - Plutus Resources PLC Monday said its pretax loss narrowed slightly in its full-year as the company continued tight control of its overheads as it looks for suitable investments to bring in revenues.

The natural resources-focused investment company said its pretax loss narrowed to GBP338,727 for the twelve months ended April 30 from GBP345,652 the previous year.

The company, which is yet to produce any revenues, said its administrative expenses fell to GBP314,182 from GBP341,141 as it continued to focus on cost control.

Plutus said that during the past year it has struggled to find suitable investments and has faced difficult negotiations.

However, during January the company announced the acquisition of a 25% interest in Attune Energy Ltd and then moved to complete a reverse takeover of the entire issued shareholding of the company.

As with AIM rules, the company was then suspended from trading pending completion of the deal and it has until July 31 to either complete the deal or another investment. If it does not, then its shares will be cancelled from trading on AIM.

The company said it is making good progress with the proposed acquisition but there can be no certainty that the transaction will be concluded successfully or that it will be announced before the potential cancellation date.

Plutus Resources shares remain suspended at 0.701 pence on Monday.

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Source: Alliance News

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